Thinking Ahead Journal: 20th December 2009

Page 1

L me

Ideas and Insights from the First Step Member Community www.first-step-community.info 20th December 2009

Thinking Ahead is a collection of blog posts from members of the First Step Member Community. Each contributing author retains their copyright for their individual content. The material contained in this publication is general and is not intended as advice on any particular matter. The authors expressly disclaim all and any liability to any persons whatsoever in respect of anything done by any such person in reliance, whether in whole or in part, on this publication.


'HFHPEHU

7hinking AheaG www.first-step-community.info

*/(11 &$5':(//

*/(11 &$5':(//

-XLFH EDUV IRU "

)LEUH IUHH PDQJRHV"

'(& $ 0

'(& $ 0 5HDGHU &DUPHO IURP GHHS LQWR WKH FHQWUDO ZHVW RI 1HZ 6RXWK :DOHV ZDV DVWRXQGHG WKDW WKHUH ZDV D ILEUH IUHH PDQJR RQ WKH PDUNHW DV FODLPHG RQ WKH ODEHO 1RW KDYLQJ WULHG RQH P\ HGXFDWHG JXHVV LW WKDW WKH\ DUH VXJJHVWLQJ WKDW WKLV PDQJR GRHVQ¶W KDYH WKH VWULQJ\ ELWV WKDW VWLFN EHWZHHQ \RXU WHHWK HVSHFLDOO\ DV \RX JHW FORVH WR WKH SLS 7KHUH LV D GHILQLWLRQ IRU IRRG ILEUH DQG WKH PDQJR IRON VKRXOG QRW SODFH PLVOHDGLQJ VWLFNHUV RQ WKHLU PDQJRHV 5HVW DVVXUHG WKDW WKH PDQJR VWLOO FRQWDLQV ILEUH WKDW GRHV DOO WKH JRRG WKLQJV ILEUH GRHV LQVLGH \RX EHFDXVH ZKHQ D PDQJR KDV QR ILEUH ZH FDOO LW MXLFH %XW \RX PD\ QRW QHHG WKH GHQWDO IORVV DIWHU HDWLQJ WKLV RQH

*/(11 &$5':(//

$UH FKLFNHQV GRVHG ZLWK KRUPRQHV"

:KDW GR \RX WKLQN RI WKRVH MXLFH EDUV ZKHUH IRU DURXQG \RX FDQ JHW DERXW P/ RI IUHVKO\ MXLFHG YHJJLHV RU IUXLW 0\ ORFDO JX\ GRHV D FDUURW EHHWURRW JLQJHU VRPHWKLQJ HOVH FRQFRFWLRQ WKDW¶V SUHWW\ JRRG DQG VHHPV WR KDYH DERXW ILYH FDUURWV SOXV RWKHU LQJUHGLHQWV MXLFHG LQWR LW 'RHV WKLV FRXQW DV ILYH VHUYHV RI YHJLHV" DVNV *DU\ 1RUULVK

'(& $ 0 $O\VRQ ZDQWV WR NQRZ LI WKHUH DUH KRUPRQHV LQ FKLFNHQ PDNLQJ KHU GDXJKWHUV IXOO\ PDWXUH ZRPHQ EHIRUH WKH\ OHDYH SULPDU\ VFKRRO 7KH EULHI DQVZHU LV ³1R´ DQG KDV EHHQ IRU RGG \HDUV ,Q IDFW KRUPRQHV DUH EDQQHG IRU XVH LQ FKLFNHQV $URXQG WKH WLPH WKH %HDWOHV UHOHDVHG WKHLU ILUVW VRQJ WKH FKLFNHQ IRON VWRSSHG JLYLQJ KRUPRQHV WR WKHLU VWRFN 7KLV KDV EHHQ D P\WK WKDW WKH FKLFNHQ LQGXVWU\ KDV GRQH LWV EHVW WR GLVSHO IRU \HDUV

,I \RX FDQ FRPELQH FDUURW DQG EHHWURRW DQG VWLOO KDYH D SDODWDEOH GULQN \RX KDYH GRQH ZHOO *DU\ -XLFLQJ IUXLWV DQG YHJHWDEOHV ZLOO UHWDLQ WKH QXWULHQWV LI FRQVXPHG VRRQ DIWHU 7KH RQO\ WKLQJ \RX PD\ ORVH LV WKH ILEUH LI WKDW LVQ¶W UHWXUQHG WR WKH MXLFH 7KDW¶V WKH NH\ PLVVLQJ LQJUHGLHQW LQ FRPPHUFLDO SDFNDJHG YHJHWDEOH DQG IUXLW MXLFH WRR YHU\ OLWWOH ILEUH $ERXW KDOI D FXS RI YHJ DQG RQH PHGLXP IUXLW LV FRQVLGHUHG D VHUYH VR ,¶OO OHDYH LW WR \RX WR ZRUN RXW KRZ PDQ\ VHUYHV \RX JHW IURP \RXU VSHFLDO EOHQG

2I FRXUVH \RX PD\ FKRRVH WR DYRLG FKLFNHQV IRU RWKHU UHDVRQV HJ YDJHWDULDQLVP IDUPLQJ PHWKRGV EXW D FRQFHUQ DERXW KRUPRQHV QHHG QRW EH RQH RI WKHP )RU VRPH PRUH EDFNJURXQG LQIRUPDWLRQ RQ KRUPRQHV DQG FKLFNHQV JR WR

5HPHPEHU WKDW GULQNLQJ IUXLW DQG YHJ LV D ORW TXLFNHU DQG HDVLHU WKDQ HDWLQJ IUXLW DQG YHJ 7KLV LV LPSRUWDQW IRU ZHLJKW FRQWURO (DWLQJ VORZV GRZQ WKH UDWH RI NLORMRXOH FDORULHV FRQVXPSWLRQ JLYLQJ WKH ERG\ H[WUD WLPH WR GHWHUPLQH ZKHQ HQRXJK LV HQRXJK )RU H[DPSOH D P/ JODVV RI DSSOH MXLFH LV DURXQG N-V &DOV WKH VDPH DV RQH DQG D KDOI

KWWS ZZZ DEF QHW DX ODQGOLQH VWRULHV V KWP 7KH FKLFNHQ LQGXVWU\ GRHV XVH DQWLELRWLFV EXW RQO\ ZKHQ QHFHVVDU\ WR NHHS WKH FKLFNHQV KHDOWK\

PHGLXP DSSOHV :KLFK ZRXOG WDNH ORQJHU WR HDW DQG EH PRUH ILOOLQJ"


'HFHPEHU

www.first-step-community.info

*/(11 &$5':(//

62 :+$7¶6 1(;7"

6WHYLD" 'RHVQ¶W VKH VLQJ ZLWK )OHHWZRRG 0DF"

&RSHQKDJHQ FOLPDWH FKDQJH FRQIHUHQFH ZDV D PRQXPHQWDO PHVVXS KRZHYHU WKHUH LV KRSH

'(& $ 0 1RSH 6WHYLD LD WKH ³QHZ´ WDEOHWRS VZHHWHQHU RQ WKH PDUNHW 9DQHVVD 'Z\HU WHDFKLQJ OHJHQG IURP WKH QRUWK ZHVW RI $XVWUDOLD ZDQWHG VRPH EDFNJURXQG LQIR RQ 6WHYLD :KHQ , VD\ ³QHZ´ , PHDQ QHZ WR $XVWUDOLD ,W KDV EHHQ XVHG WR VZHHWHQ IRRGV LQ -DSDQ DQG &KLQD IRU VRPH WLPH VLQFH DQG UHVSHFWLYHO\ 7KHUH LV JHQHUDO DJUHHPHQW WKDW 6WHYLD LV VDIH WR DGG WR IRRGV EXW OLNH DQ\ VZHHWHQHU \RX ZLOO DOZD\V KDYH DQ RQJRLQJ GHEDWH 6RPH ZLOO DUJXH WKDW WKHUH QHHGV WR EH PRUH WHVWLQJ DQG RWKHUV ZLOO VD\ WKDW DV LW KDV EHHQ FRQVXPHG IRU PDQ\ \HDUV LQ LWV QDWLYH KDELWDW 3DUDJXD\ -DSDQ DQG &KLQD LW LV OLNHO\ WR EH YHU\ VDIH

'(& $ 0

6WHYLD LV D QDWXUDO VZHHWHQHU H[WUDFWHG IURP WKH OHDYHV RI D 6RXWK $PHULFDQ SODQW IURP WKH VXQIORZHU IDPLO\ ,W LV YLUWXDOO\ FDORULH IUHH )UHQFK FKHPLVWV LQ H[WUDFWHG VWHYLRVLGH DQG UHEDXGLRVLGH WKH FRPSRXQGV WKDW LPSDUW D VZHHWQHVV DERXW WLPHV WKDW RI VXJDU DQG XQOLNH DVSDUWDPH LW LV KHDW VWDEOH $ UHFHQW UHYLHZ RI WKH HYLGHQFH LQ D WR[LFRORJ\ MRXUQDO FRQFOXGHG WKDW LW ³LV VDIH IRU KXPDQ FRQVXPSWLRQ XQGHU LWV LQWHQGHG FRQGLWLRQV RI XVH DV D JHQHUDO SXUSRVH VZHHWHQHU´ 7KH $XVWUDOLDQ VFLHQWLVWV KDYH FRPH WR WKH VDPH FRQFOXVLRQ KHQFH LW LV QRZ DYDLODEOH

WKH WDUJHWV ZKLFK DUH EHLQJ WDONHG DERXW ZLWKRXW EXVLQHVV ´ , DJUHH ZLWK 0U 6WLJVRQ

5HIHUHQFH )RRG &KHPLVWU\ 7R[LFRORJ\ 6XSSO 6 6

%H UHPDUNDEOH ,DQ )RXQGHU 'LIIHUHQFHPDNHUV &RPPXQLW\ 3DUWQHULQJ SDVVLRQDWH SHRSOH WR FKDQJH ZKDW¶V QRUPDO IRU WKH JRRG RI

*,+$1 3(5(5$

SHRSOH RXU SODQHW DQG IRU SURILW

$ VWDWHPHQW RI LQWHQW ZDV DOO WKH SROLWLFLDQV FRXOG FRPH XS ZLWK DIWHU \HDUV RI WDON DQG D IDLOXUH WR FROODERUDWH DQG DJUHH RQ D OHJDOO\ ELQGLQJ DJUHHPHQW RYHU WKH SDVW WZR ZHHNV LQ &RSHQKDJHQ :RUOG %XVLQHVV &RXQFLO IRU 6XVWDLQDEOH 'HYHORSPHQW 3UHVLGHQW %MRUQ 6WLJVRQ LVVXHG D VWDUN ZDUQLQJ WR PLQLVWHUV RQ WK 'HFHPEHU LQ &RSHQKDJHQ ³<RX ZLOO QRW VROYH FOLPDWH FKDQJH ZLWKRXW EXVLQHVV DW WKH WDEOH DV DQ HQJDJHG LQYROYHG SDUWQHU *RYHUQPHQWV FDQQRW GHOLYHU RQ

6RFLDO HQWUHSUHQHXUV , FDOO WKHP LQVLJKWSUHQHXUV DQG GLIIHUHQFHPDNHUV VHH P\ DUWLFOH KHUH DUH WKH EXVLQHVV OHDGHUV OHDGLQJ WKH FKDQJH IRU JRRG , KDYH ZULWWHQ DERXW PDQ\ RI WKHP RQ WKLV EORJ DQG ZLOO FRQWLQXH WR GR VR %HFRPH VXFK D OHDGHU \RXUVHOI <RX FRXOG GR D ORW ZRUVH LQ JHWWLQJ VWDUWHG WKDW DGRSWLQJ VRPH RI WKH DFWLRQV , UHFRPPHQG LQ P\ ERRN ZKLFK \RX FDQ GRZQORDG KHUH

0DWW &KXUFK ± ,QWHOOHFWXDO 3URSHUW\ 3LQN 6KHHWV

GRLQJ WRGD\ ZKDW RWKHUV ZLOO RQO\ EH WKLQNLQJ DERXW WRPRUURZ

'(& 3 0 *,+$1 3(5(5$ 7KRXJKW /HDGHUV 6WXGLR KDV ODXQFKHG UHFHQWO\ ,W¶V VWLOO LQ EHWD EXW LW¶V OLYH DQ\ZD\ :DWFK 0DWW &KXUFK KHUH DV KH WDONV DERXW RQH RI WKH IXQGDPHQWDO SURFHVVHV ZH WHDFK WR KHOS WKRXJKW OHDGHUV FDSWXUH WKHLU LGHDV DQG LQVLJKWV

7HQ 0HHWLQJV 7HFKQRORJ\ 7UHQGV WR :DWFK IRU

'(& 3 0 &RUELQ %DOO LV HDVLO\ WKH ZRUOG¶V WRS H[SHUW RQ PHHWLQJV DQG FRQIHUHQFH WHFKQRORJ\ ,I \RX¶UH D VSHDNHU WUDLQHU FRQIHUHQFH RUJDQLVHU RU FRUSRUDWH H[HFXWLYH KLV DUWLFOH 7HQ 0HHWLQJV 7HFKQRORJ\ 7UHQGV WR :DWFK IRU LV D PXVW UHDG


'HFHPEHU

www.first-step-community.info

68( 0$5((

‡ 1R" 2N WKHQ DQG PRYH RQ

&&&¶V IRU 332¶V

:KDWHYHU¶V KDSSHQLQJ WR FKHFN LW RXW LV D VLPSOH VWHS SURFHVV

'(& 3 0

8VH D TXHVWLRQ IUDPH IRU H[DPSOH )ROORZLQJ RQ IURP WKH 332¶V OLVWHG LQ WKH SUHYLRXV SRVW 332¶V EHLQJ EHKDYLRXUV WKDW 3HHYH 3HRSOH 2II KHUH¶V VRPH LGHDV RQ KRZ WR UHVSRQG

‡ $UH \RX ‡ $UH \RX WU\LQJ WR

&&&¶V IRU 332¶V

‡ <RX¶UH &RRO &DOP &ROOHFWHG UHVSRQVHV WR EHKDYLRXUV WKDW 3HHYH 3HRSOH 2II

‡ <RX¶UH WU\LQJ WR $V D UHPLQGHU WKH WRS 332¶V ZHUH 3HRSOH

$GG ZKDWHYHU LW LV SHRSOH VHHP WR EH GRLQJ

332 7DNLQJ SULRULW\ RYHU \RX RWKHUV 332 0DNLQJ DVVXPSWLRQV DERXW \RX RWKHUV 332 -XPSLQJ WR FRQFOXVLRQV DERXW \RX RWKHUV 332 )RUFLQJ UHVSRQVLELOLWLHV RQ \RX RWKHUV 332 7DNLQJ UHVSRQVLELOLWLHV IURP \RX RWKHUV 332 6HWWLQJ OLPLWV DQG GLFWDWLQJ UXOHV LPSRVLQJ WKHP RQ \RX RWKHUV 332 0DNLQJ GHFLVLRQV LPSRVLQJ WKHP RQ \RX RWKHUV

‡ WDNLQJ SULRULW\ RYHU PH WKHP" ‡ PDNLQJ DVVXPSWLRQV DERXW PH WKHP" ‡ MXPSLQJ WR FRQFOXVLRQV DERXW PH WKHP" ‡ IRUFLQJ \RXU UHVSRQVLELOLWLHV RQ PH WKHP"

332 'HPDQGLQJ FRPSOLDQFH DQG REHGLHQFH IURP \RX RWKHUV 332 0DQLSXODWLQJ \RXU RWKHUV EHKDYLRXU ZLWK UHZDUGV SXQLVKPHQWV 332 $EXVLQJ WKHLU SRZHU WR JHW \RX RWKHUV WR GR ZKDW WKH\ ZDQW

‡ WDNLQJ UHVSRQVLELOLWLHV IURP PH WKHP" ‡ VHWWLQJ OLPLWV DQG GLFWDWLQJ UXOHV LPSRVLQJ WKHP RQ PH WKHP"

&RPPRQ GHIHQVLYH UHDFWLRQV WR 332¶V UHVXOW IURP WDNLQJ LW SHUVRQDOO\ DQG VWULNLQJ RXW E\ DWWDFNLQJ RWKHUV RU VXFNLQJ LW XS DV D ZD\ WR SURWHFW RXUVHOYHV

‡ PDNLQJ GHFLVLRQV LPSRVLQJ WKHP RQ PH WKHP" ‡ GHPDQGLQJ FRPSOLDQFH DQG REHGLHQFH IURP PH WKHP"

%HIRUH ZH JR JHWWLQJ KRW XQGHU WKH FROODU DERXW ZKDW SHRSOH VHHP WR EH GRLQJ DQG XVH HLWKHU RI WKHVH VWUDWHJLHV KHUH¶V D VXJJHVWLRQ

‡ PDQLSXODWLQJ P\ WKHLU EHKDYLRXU ZLWK UHZDUGV SXQLVKPHQWV &KHFN ,W 2XW

‡ DEXVLQJ \RXU SRZHU WR JHW PH WKHP WR GR ZKDW \RX ZDQW" 7KDW PHDQV WXUQLQJ RXU DWWHQWLRQ WR ZKDWHYHU LW LV SHRSOH VHHP WR EH GRLQJ DQG FKHFN LW RXW :H GR LW E\ UHIOHFWLQJ EDFN WR SHRSOH ZKDW ZH WKLQN LV KDSSHQLQJ DV D 48(67,21 QRW DQ DFFXVDWLRQ )RU H[DPSOH

,I SHRSOH DUHQ¶W GRLQJ ZKDW \RX WKLQN WKH\¶UH GRLQJ LW¶V D JRRG WKLQJ WR KDYH FOHDUHG WKH DLU WR KDYH VHW WKH UHFRUG VWUDLJKW ,I SHRSOH DUH GRLQJ ZKDW \RX WKLQN WKH\¶UH GRLQJ WKLV VLPSOH WHFKQLTXH LV RIWHQ HQRXJK WR VWRS WKH EHKDYLRXU LQ LW¶V WUDFNV $QG LI LW GRHVQ¶W WKHUH¶V PRUH DERXW LW LQ WKH ERRN µ:KDW¶V *RLQJ 2Q"¶ $Q ([SORUDWLRQ RI &RPPXQLFDWLRQ :KDW +XUWV DQG :KDW :RUNV

‡ $UH \RX PDNLQJ DVVXPSWLRQV DERXW PH WKHP" ‡ <RX¶UH MXPSLQJ WR FRQFOXVLRQV DERXW PH WKHP"

-XPS WR GRZQORDG WKH ERRN QRZ 6LQFH LW¶V &KULVWPDV \RX¶UH ZHOFRPH WR GRZQORDG LW IRU IUHH ZLWK P\ FRPSOLPHQWV +DSS\ &KULVWPDV

‡ $UH \RX WU\LQJ WR IRUFH \RXU UHVSRQVLELOLWLHV RQ PH WKHP" ‡ <RX¶UH WU\LQJ WR PDQLSXODWH PH WKHP ZLWK UHZDUGV DQG

,I \RX¶UH ZLOOLQJ WR VKDUH \RXU H[SHULHQFHV RI FKHFNLQJ LW RXW ,¶G ORYH WR

SXQLVKPHQWV"

KHDU WKHP /RRN IRUZDUG WR \RXU FRPPHQWV

*HW WKH LGHD" ,I SHRSOH FODLP QRW WR EH GRLQJ LW ZH FDQ VLPSO\ UHVSRQG


'HFHPEHU

www.first-step-community.info

PHQWRU RU KDYLQJ PHQWRULQJ PRPHQWV ± WKRVH XQSODQQHG LQIRUPDO $11 52/)(¶6 0(1725,1* :25.6 %/2*

FRQYHUVDWLRQV WKDW FUHDWH LQVLJKW \RX NQRZ KRZ PHQWRULQJ ZRUNV

555 '(& $ 0 62 :+$7¶6 1(;7"

3RVW &RSHQKDJHQ DFWLRQ UHJDUGOHVV RI WKH HQG UHVXOW RI WKH FRQIHUHQFH '(& 3 0 , GRQ¶W QHHG DQ\ VFLHQWLILF HYLGHQFH IRU FOLPDWH FKDQJH DQG WKH KXPDQ FRQWULEXWLRQ WR LW , KDYH VHHQ LW ZLWK P\ RZQ H\HV , WKLQN WKH ZURQJ SHRSOH E\ HQODUJHG KDYH EHHQ DW WKH &RSHQKDJHQ FRQIHUHQFH , WKLQN ZH QHHG WR WDNH DZD\ WKH SHUFHLYHG ULJKW RI SROLWLFLDQV DQG EXUHDXFUDWV WR EH PDNLQJ WKH NLQG RI QHJRWLDWLRQV WKDW DUH EHLQJ DWWHPSWHG DW WKH &RSHQKDJHQ FRQIHUHQFH RQ FOLPDWH FKDQJH WKLV ZHHN :K\" EHFDXVH VHOI LQWHUHVW WHQGV WR UXOH DPRQJ WKHVH IRON UDWKHU WKDQ HQOLJKWHQHG VHOI LQWHUHVW

5HVW UHFUHDWLRQ DQG UHIOHFWLRQ WKDW¶V ZKDW ,¶P ORRNLQJ IRUZDUG WR RYHU WKH QH[W IHZ ZHHNV KRZ DERXW \RX" 7KHVH WKUHH ³5¶V´ DUH LPSHUDWLYH WR RXU ZHOO EHLQJ DQG SURGXFWLYLW\ DQG WKH\ RXJKW WR EH D SDUW RI HYHU\ GD\ QRW MXVW KROLGD\V +HUH¶V ZK\ «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

:H OLYH LQ DJH RI FROODERUDWLRQ DQG ZLWK RQH GD\ WR JR FROODERUDWLRQ IRU WKH JRRG RI DOO LV D ORQJ ZD\ IURP EHLQJ DFKLHYHG , DP KRSLQJ IRU WKH EHVW ,W VHHPV WR PH ZRUOG OHDGHUV DJDLQ WKLV LV D VHOI SURFODPDWLRQ EHOLHYH LQ FROODERUDWLRQ KRZHYHU DV \HW KDYHQ¶W IRXQG D ZD\ WR WXUQ EHOLHI LQWR UHDO DFWLRQ :KDWHYHU KDSSHQV LQ WKH QH[W KRXUV DQG ZD\ EH\RQG WKDW HQWUHSUHQHXUV DQG GLIIHUHQFHPDNHUV ZKR FKDQJH ZKDW¶V QRUPDO RU LQQRYDWH IRU WKH JRRG RI SHRSOH DQG RXU SODQHW QHHG WR WDNH FKDUJH RI WKH DJHQGD DQG PDNH LW KDSSHQ DQG SROLWLFLDQV DQG WKHLU VLGHNLFNV QHHG WR JHW RXW RI WKH ZD\ H[FHSW IRU PDNLQJ ODZV WKDW SURWHFW ZKDW PDWWHUV DQG HQKDQFH RXU LQQDWH KXPDQ DELOLW\ WR FROODERUDWH IRU WKH FRPPRQ JRRG

DQG SXWWLQJ WKH ERG\ DQG PLQG LQ QHXWUDO 5HFUHDWLRQ OHLVXUH DFWLYLWLHV VXFK DV VSRUW KREELHV DQG JDPHV WKDW \RX HQMR\ FHOHEUDWLRQV DQG VRFLDO HYHQWV WKDW JLYH \RX SOHDVXUH FRQYHUVDWLRQV DUW QDWXUH RU H[HUFLVH WKDW VWLPXODWH \RX DQG UHODWLRQVKLSV WKDW QXUWXUH \RX DOO UHQHZ \RXU PHQWDO VRFLDO HPRWLRQDO DQG SK\VLFDO HQHUJ\ :LWKRXW WKLV HQHUJ\ HQWKXVLDVP ZDQHV FKDOOHQJHV VHHP ODUJHU DQG OLIH FDQ ORVH LV OXVWHU

3OHDVH MRLQLQJ PH LQ WDNLQJ FKDUJH RI WKH FKDQJH IRU JRRG DJHQGD E\ MRLQLQJ GLIIHUHQFHPDNHUV FRPPXQLW\ DV D ILUVW VWHS

5HIOHFWLRQ ORRNLQJ EDFN DQG OHDUQLQJ JDLQLQJ SHUVSHFWLYH DQG FRQVLGHULQJ RWKHU SRLQWV RI YLHZ WKLQNLQJ WKLQJV WKURXJK DFFHSWLQJ \RXU RZQ IHHOLQJV DQG UHVSRQVHV WDNLQJ VWRFN FRQVLGHULQJ ZKDW KDV ZRUNHG ZHOO DQG ZKDW PLJKW EH GRQH GLIIHUHQWO\ DOORZV XV WR OHDUQ DQG JURZ &RXQWLQJ RXU EOHVVLQJV DQG H[SUHVVLQJ JUDWLWXGH PDNHV OLIH ZRUWKZKLOH

%H UHPDUNDEOH ,DQ )RXQGHU 'LIIHUHQFHPDNHUV &RPPXQLW\ 3DUWQHULQJ SDVVLRQDWH SHRSOH WR FKDQJH ZKDW¶V QRUPDO IRU WKH JRRG RI SHRSOH RXU SODQHW DQG IRU SURILW

DQG SRLQWV XV WR D SRVLWLYH IXWXUH

GRLQJ WRGD\ ZKDW RWKHUV ZLOO RQO\ EH WKLQNLQJ DERXW WRPRUURZ

0HQWRULQJ FDQ LQFRUSRUDWH DOO RI WKHVH ,W FDQ SURYLGH WLPH RXW WKDW LV DFWXDOO\ UHVWIXO ,W FDQ EH HQMR\DEOH DQG UHFUHDWH HQHUJ\ DQG HQWKXVLDVP $QG FHUWDLQO\ LW LV D UHODWLRQVKLS WKDW EXLOGV UHIOHFWLRQ PHDQLQJ DQG SRVLWLYH DFWLRQ , WUXVW \RX KDYH H[SHULHQFHG DQG YDOXHG WKHVH DVSHFWV RI PHQWRULQJ WKLV \HDU ,I \RX KDYH JDLQHG DV PXFK DV , KDYH IURP EHLQJ DQG KDYLQJ D


'HFHPEHU

www.first-step-community.info

7+,1.,1* &$36

7+( $/021' ())(&7

$ :LGH %URZQ /DQG )RU 0H

&/8(6 'RQ¶W ILJKW ZLWK \RXU IDPLO\ WKLV &KULVWPDV

'(& $ 0

'(& 3 0 &KULVWPDV ZLWK WKH IDPLO\ ± SOHDVXUH RU D SDLQ" $V &KULVWPDV DSSURDFKHV PDQ\ RI XV ZLOO EH SUHSDULQJ IRU WKH DQQXDO IDPLO\ JHW WRJHWKHU 6RPH RI \RX ZLOO EH ORRNLQJ IRUZDUG WR LW $ IHZ RI \RX ZLOO EH SXWWLQJ RQ WKH IDPLO\ HYHQW RU DWWHQGLQJ LW EHFDXVH LW¶V WKH WUDGLWLRQ LQ \RXU IDPLO\ EXW GUHDGLQJ KRZ LW PLJKW WXUQ RXW 2WKHUV ZLOO KDYH DV , XVHG WR LQIODWHG H[SHFWDWLRQV RI ZKDW D ORYHO\ IULHQGO\ KDSS\ HYHQW LW ZRXOG EH ± RQO\ WR EH GLVDSSRLQWHG <RX FDQ¶W PDNH D IDPLO\ WKDW GRHVQ¶W KDYH ORYHO\ IULHQGO\ KDSS\ UHODWLRQVKLSV WKURXJK WKH \HDU KDYH WKHP RQ &KULVWPDV 'D\

,Q WKH 7KLQNLQJ &DSV ERRN WKHUH LV D SLHFH DERXW µ&DOOLQJ $XVWUDOLD +RPH¶ DQG WKH YDOXHV RI PDWH VKLS JLYLQJ WKLQJV \RXU EHVW VKRW DQG D IDLU JR IRU DOO (DFK \HDU , IO\ RYHU $XVWUDOLD RU WLPHV DQG WKLV ZLGH UHG GLUW ODQG GLVDSSHDUV LQ RU KRXUV RI UHDGLQJ GRLQJ D FURVVZRUG RU WZR DQG KDYLQJ D PHDO ,W KDV EHHQ PDQ\ \HDUV VLQFH , GURYH DFURVV 2] , KLWFKHG DFURVV VHYHUDO WLPHV LQ \RXQJHU \HDUV ZKHQ WKH :RUOG ZDV D

7DNH D 67$5 DSSURDFK WR WKH )HVWLYH 6HDVRQ

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

:KLFKHYHU FDWHJRU\ \RX IDOO LQWR GRQ¶W OHW \RXU $17V $XWRPDWLF 1HJDWLYH 7KRXJKWV JHW LQ WKH ZD\ %H DZDUH LI \RX IHHO \RXUVHOI JHWWLQJ DJLWDWHG RU DQQR\HG L H 7KH $OPRQG (IIHFW 1RWLFH LW DQG WHOO \RXUVHOI WR FDOP GRZQ ,W LV RQO\ IRU WKLV GD\ 'RQ¶W OHW WKH VWUHVV DQG WHQVLRQ FDXVH \RX WR PLVV WKH SRWHQWLDO SOHDVXUH RI KDYLQJ D KDVVOH IUHH &KULVWPDV %H D 67$5 6WRS DQG 7KLQN DERXW ZKDW¶V JRLQJ RQ EHIRUH \RX $FW 7KHQ ZKHQ \RX UHIOHFW RQ WKH GD\ GRQ¶W OHW \RXU EUDLQ VWUHQJWKHQ DQ\ QHJDWLYH KDUG ZLULQJ )RFXV RQ WKH JRRG WKLQJV WKDW KDSSHQHG DQG 5HZLUH WKRVH

<HDUV DJR 0DFFD DQG , ZURWH D VRQJ FDOOHG &RRHH &KLOG EDVHG RQ D SRHP , ZURWH DV 0DUF 'LIIHQ DQG , VDW RQ WKH JUDQLWH URFNV RXWVLGH RI 0W 0DJQHW µ*R JHQWO\ ZLWKLQ WKH PRUQLQJ JR VORZO\ ZLWKLQ \RXU GD\ JR ZLWK \RXU H\HV ZLGH RSHQ &RRHH &KLOG WKH ZRUG LV VSRNHQ OHW¶V ZDON

$QG ZDWFK RXW IRU HYHU\RQH HOVH¶V $OPRQGV DP\JGDODH WRR 'RQ¶W ULVH WR WKH EDLW

DERXW WKLV ZRQGURXV XQWRXFKHG ODQG ¶ $V ZH ZDON DERXW WKLV ZLGH DQG ZRQGURXV ODQG , DP UHPLQGHG WR EUHDWKH GHHSO\ LQ QDWXUH SDUWLFXODUO\ ZKHQ VR PXFK RI RXU OLYHV LV LQ FLWLHV DQG RQ SODQHV

6XJDU FRDW WKH µDOPRQGV¶ RQ WKLV RFFDVLRQ ± DIWHU DOO LW ZLOO EH GD\V XQWLO WKH QH[W RQH

7KLQNLQJ &DSV RQ ZZZ JOHQQFDSHOOL FRP

+RSH \RX KDYH D IDEXORXV )HVWLYH 6HDVRQ DQG D ZRQGHUIXO


'HFHPEHU

www.first-step-community.info

*,+$1 3(5(5$ *HW WKDW ULJKW DQG \RX ZLOO EXLOG D WUXO\ WUXVWHG EUDQG

:KDW LV LPSRVVLEOH WR GR WRGD\ LQ \RXU EXVLQHVV"

9DQHVVD

'(& 3 0 /,)(/21* ),71(66 , UHFHQWO\ FR IDFLOLWDWHG D VWUDWHJLF SODQQLQJ VHVVLRQ IRU D JURXS RI WKRXJKW OHDGHUV WR KHOS WKHP SODQ IRU

7KH PRUQLQJ KHDOWK UXOH '(& $ 0

, VWDUWHG E\ DVNLQJ WKHP D TXHVWLRQ WKDW OHDGHUVKLS FRQVXOWDQW -RHO %DUNHU DVNV DOO KLV FOLHQWV 7KDQNV WR P\ VDOHV PHQWRU 'DYLG 3HQJODVH IRU EULQJLQJ WKLV WR P\ DWWHQWLRQ

'R \RX VWUXJJOH WR JHW XS DQG GR VRPH H[HUFLVH LQ WKH PRUQLQJ" 2U GR \RX ILQG LW KDUG WR HDW D KHDOWK\ EUHDNIDVW"

³:KDW LV LPSRVVLEOH WR GR WRGD\ LQ \RXU EXVLQHVV EXW LI LW FRXOG EH GRQH ZRXOG IXQGDPHQWDOO\ FKDQJH LW IRU WKH EHWWHU"´

+HUH¶V DQRWKHU JRRG UHDVRQ WR GR DW OHDVW RQH DQG SUHIHUDEO\ ERWK

,W¶V D SRZHUIXO TXHVWLRQ DQG RQH , DVNHG P\VHOI DV ZHOO GXULQJ WKH \HDU

6WDUWLQJ \RXU GD\ ZLWK VRPHWKLQJ KHDOWK\ DQG JRRG IRU \RXUVHOI PDNHV \RX IHHO JRRG DERXW WDNLQJ KHDOWK\ DFWLRQ DQG LPSRUWDQWO\ LW PDNHV LW OHVV OLNHO\ WKDW \RX¶OO IDOO RII WKH ZDJRQ DQG PDNH OHVV KHDOWK\ FKRLFHV ODWHU LQ WKH GD\

)RU PH WKH LPSRVVLEOH WKLQJ ZDV WR WDNH P\ :HE GHVLJQ EXVLQHVV LQ D QHZ GLUHFWLRQ ZKLOH VWLOO PDLQWDLQLQJ WKH VWURQJ UHODWLRQVKLS ,¶YH HVWDEOLVKHG ZLWK FXUUHQW FOLHQWV ,W ZDV D UHDO GLOHPPD IRU PH DQG FHUWDLQO\ VHHPHG LPSRVVLEOH %XW DVNLQJ WKLV TXHVWLRQ WXUQHG LW IURP DQ REVWDFOH LQWR D SRVVLELOLW\ $QG WKDW ZDV HQRXJK WR WULJJHU DQ LGHD WKDW , WKLQN ZLOO PDNH D VLJQLILFDQW GLIIHUHQFH LQ :DWFK WKLV VSDFH

$QHFGRWDO HYLGHQFH VXJJHVWV WKDW RQFH \RX¶YH VWDUWHG WKH GD\ ZLWK D KHDOWK\ FKRLFH \RX DUH OHVV OLNHO\ WR XQGR WKH KDUG ZRUN E\ PDNLQJ D SRRU FKRLFH ODWHU LQ WKH GD\

7+( 7587+ $%287 75867

:KHWKHU LW LV H[HUFLVLQJ ILUVW WKLQJ PHGLWDWLQJ RU HDWLQJ EUHDNIDVW GRHVQ¶W PDWWHU 7KH NH\ LV WR PDNH WKH ILUVW FKRLFH RI WKH GD\ D KHDOWK\ RQH 6XFK D FKRLFH JLYHV \RX VHOI GLVFLSOLQH WKDW ODVWV ZHOO LQWR WKH GD\

7KH EUDQGV WKDW ZLQ DUH WKH RQHV \RX FDQ WUXVW

:KLOH WKLV LV RQO\ D VPDOO WKLQJ DOO WKH OLWWOH WKLQJV DGG XS WR PDNLQJ D OLIH RI KHDOWK\ KDELWV $QG LWV WKH FROOHFWLRQ RI DOO WKH OLWWOH WKLQJV WKDW PDNH WKH PRVW GLIIHUHQFH LQ WKH ORQJ WHUP

'(& $ 0 6R QH[W WLPH \RX DUH JRLQJ RXW WKDW IRU D PHDO DW QLJKW PDNH VXUH \RX GR VRPH H[HUFLVH HDUO\ LQ WKH GD\ ,W PLJKW MXVW JLYH \RX WKH VWUHQJWK WR KROG EDFN RQ WKDW H[WUD VHUYH RU ODVW GULQN

2. WKDW¶V SUREDEO\ QRW QHZV WR \RX EXW ZKDW FRQWLQXHV WR DPD]H PH LV WKDW YHU\ IHZ SHRSOH VWLOO XQGHUVWDQG ZKDW ZH PHDQ E\ µWUXVW¶ DQG KRZ \RX JR DERXW EXLOGLQJ D WUXVWHG EUDQG

$QG ZK\ QRW PDNH VXUH \RX GR VRPH H[HUFLVH HDUO\ RQ &KULVWPDV PRUQLQJ LI \RX KDYHQ¶W JRW \RXQJ FKLOGUHQ MXVW WR JLYH \RX WKDW DGGHG ZLOO SRZHU ZKHQ \RX FRQIURQW &KULVWPDV GLQQHU

+HUH¶V WKH WKLQJ LW LV QRW DERXW WKH DG ,W LV QRW DERXW WKH ODWHVW PDUNHWLQJ FDPSDLJQ ,W GRHVQ¶W PDWWHU WKDW LW ZDV JUHDW DQG \RX ZRQ DQ DZDUG IRU LW ,W GRHVQ¶W PDWWHU ZKDW LW ORRNV OLNH RU WKH IHHOLQJ LW FUHDWHV RU HYHQ WKH QXPEHU RI FXVWRPHUV LW DWWUDFWV

:LVKLQJ \RX D PHUU\ &KULVWPDV

7KDW¶V DOO D SDUW RI LW RI FRXUVH EXW LI \RX DUH PHDVXULQJ WKH VXFFHVV RI \RXU PDUNHWLQJ RQ WKH QXPEHU RI SHRSOH LW DWWUDFWV RU WKH UHFRJQLWLRQ \RX KDYH DFKLHYHG WKDW LV QRW D 75867(' EUDQG 7KDW¶V D UHFRJQLVHG EUDQG $ WUXVWHG EUDQG LV RQH WKDW GHOLYHUV RQ WKH 3URPLVH 2QH WKDW PHHWV WKH ([SHFWDWLRQV WKDW KDYH EHHQ FUHDWHG 2QH WKDW PHHWV WKH 1HHGV RI WKH PDUNHW 7KLV PHDQV LW LV QRW MXVW DERXW \RX EXW LW¶V DERXW HYHU\RQH LQ \RXU RUJDQLVDWLRQ


'HFHPEHU

www.first-step-community.info

0$77 &+85&+

*,+$1 3(5(5$

2Q /D]LQHVV

7KH 7RS 7HQ 2Q OLQH 7UHQGV IRU ([SHUWV LQ

'(& $ 0 0\ GDG LV DQ HQJLQHHU (QJLQHHUV GHILQH WKHPVHOYHV DV OD]\ LQ WKDW WKH\ DUH DOO DERXW OHYHUDJH WKH\ GRQ¶W VHH WKH SRLQW LQ GRLQJ VRPHWKLQJ WZLFH %XLOG D EULGJH ZHOO DQG LW QHYHU QHHGV WR EH UHEXLOW LV WKH JRDO $ IULHQG RI PLQH *UDQW /HZHUV D VXFFHVVIXO HQWUHSUHQHXU VD\V µQR¶ PRUH RIWHQ WKDQ \HV +LV IDYRXULWH VD\LQJ LV µ67,1.6 2) ())257¶ WKDW¶V KRZ KH FRPHV

'(& 3 0 ,I \RX¶UH D VSHDNHU WUDLQHU FRDFK RU FRQVXOWDQW \RX QHHG WR NQRZ DERXW WKHVH WKLQJV EHFDXVH WKH\ ZLOO DIIHFW \RXU EXVLQHVV OLNH LW RU QRW

XS ZLWK LQQRYDWLYH DQG FUHDWLYH 03 )LOH

*,+$1 3(5(5$ 0$77 +(51¶6 021(< *8,'(

³&RPPXQLFDWLRQ QRW GHFRUDWLRQ´

1RW 6R $YHUDJH :HGGLQJ &RVW '(& 3 0

'(& 3 0

7KLV ZDV WKH IDEXORXV -DQL 0XUSK\¶V DGYLFH ZKHQ VKH PDGH D SUHVHQWDWLRQ DERXW 3RZHU3RLQW WR P\ DGYDQFHG SUHVHQWDWLRQ VNLOOV JURXS ODVW ZHHN $FWXDOO\ -DQL JDYH D ORW RI H[FHOOHQW DGYLFH EXW WKLV LGHD LQ SDUWLFXODU ³&RPPXQLFDWLRQ QRW GHFRUDWLRQ´ VWRRG RXW

,Q WKH OLIH SODQQLQJ VWHS RI P\ ³6DYH )RU 7KH 6LJQLILFDQW´ SURFHVV RQH RI WKH FRPPRQ JRDOV LV D GUHDP ZHGGLQJ

-DQL ZDV UHIHUULQJ VSHFLILFDOO\ WR WKH XVH RI DQLPDWLRQV DQG WUDQVLWLRQV

3DUHQWV RIWHQ OLVW D JRDO RI ZDQWLQJ WR FRQWULEXWH WR WKHLU FKLOGUHQ¶V ZHGGLQJV $QG LQGHSHQGHQWO\ PLQGHG \RXQJ FRXSOHV RIWHQ ZDQW WKHLU GUHDP ZHGGLQJ ZLWKRXW WKH ³VXJJHVWLRQV´ IURP WKHLU ZHOO PHDQLQJ SDUHQWV ± WKXV WKH\ ZDQW WR SD\ IRU WKHLU RZQ ZHGGLQJ

:H¶YH DOO VHHQ SUHVHQWDWLRQV WKDW RYHU XVH WKHVH DQG WXUQ WKHP LQWR JLPPLFNV +RZHYHU WKDW GRHVQ¶W PHDQ ZH VKRXOGQ¶W XVH WKHP DW DOO ,I \RX XVH WKHP WR FRPPXQLFDWH QRW MXVW GHFRUDWH LW FDQ HQKDQFH \RXU PHVVDJH

:HGGLQJV DUH FRVWO\ DQG QRW DQ H[SHQVH PRVW SHRSOH FDQ HDVLO\ DEVRUE

)RU H[DPSOH D EDU JUDSK WKDW VKRZV QXPEHUV ULVLQJ RYHU WLPH FDQ HIIHFWLYHO\ EH LOOXVWUDWHG ZLWK HDFK EDU ULVLQJ IURP WKH EDVH OLQH %XW WKLV RQO\ ZRUNV LI WKH ULVLQJ EDU DGGV WR WKH PHVVDJH ,I LW¶V MXVW WKHUH IRU WKH

LQWR WKHLU LQFRPH IRU WKDW \HDU 7KDW PHDQV WKH\ QHHG WR EH VDYH XS IRU DQG PRVW SHRSOH JHW WKDW %XW KRZ PXFK GRHV D ZHGGLQJ FRVW DQG KRZ HDUO\ GR \RX QHHG WR VWDUW VDYLQJ"

VDNH RI XVLQJ DQLPDWLRQ LW¶V D ZDVWH RI WLPH (DUOLHU WKLV \HDU %ULGH WR %H PDJD]LQH UHOHDVHG WKH UHVXOWV RI WKHLU &RVW RI /RYH VXUYH\ ZKLFK IRXQG WKH DYHUDJH FRVW RI D ZHGGLQJ ZDV 7KDW LV RQO\ D FRXSOH RI WKRXVDQG GROODUV OHVV WKDQ WKH DYHUDJH $XVWUDOLDQ ZDJH EHIRUH WD[


'HFHPEHU

www.first-step-community.info

6LQFH PDQ\ FRXSOHV SUREDEO\ HDUQ OHVV WKDQ WKH DYHUDJH ZDJH WKH\ QHHG WR EH VDYLQJ RQH SDUWQHU¶V IXOO ZDJH IRU SUREDEO\ WZR \HDUV RU PRUH MXVW WR SD\ IRU WKHLU RZQ ZHGGLQJ 7KDW FRXOG EH D WRXJK DVN HVSHFLDOO\ LI \RX DUH DOVR VDYLQJ D GHSRVLW WR EX\ \RXU PDULWDO KRPH

7+( 7587+ $%287 75867

:KHQ \RX¶UH DOUHDG\ GUHDPLQJ VWDUW VDYLQJ

'(& 3 0

5HVWRULQJ WUXVW LQ D PHVVHG XS 6WDWH

3HUKDSV D EHWWHU DSSURDFK ZRXOG EH IRU ODGLHV ZKR GUHDP RI D ODYLVK ZHGGLQJ WR VWDUW VDYLQJ ULJKW QRZ HYHQ LI \RX DUH QRW \HW LQ D FRPPLWWHG UHODWLRQVKLS :KHQ FXSLG VWULNHV WKH ZHGGLQJ FDQ FUHHS XS TXLFNHU WKDQ \RX FDQ VDYH %ORNHV %HZDUH ± %OLQJ LV &RVWO\ %ORNHV VKRXOG DOVR EH DZDUH WKDW WKH DYHUDJH FRVW RI D EULGH¶V HQJDJHPHQW ULQJ ZDV ,W VHHPV WKH ROG QRWLRQ RI WKUHH PRQWKV ZDJH PD\ EH FRQWLQXLQJ 6R LI \RX DUH D WUDGLWLRQDOLVW WKHQ JHW VDYLQJ ULJKW QRZ PDWH µFRV \RX GRQ¶W ZDQW WR SD\ FRVWO\ FUHGLW FDUG LQWHUHVW RQ D GHSUHFLDWLQJ DVVHW OLNH D ULQJ 7KHQ RI FRXUVH \RX QHHG WR FRQVLGHU WKH ZHGGLQJ EDQGV 7KH\ FRVW DQ DYHUDJH RI IRU WKH EULGH DQG IRU WKH JURRP

2QH WLS ZKHQ \RX DUH HVWDEOLVKLQJ \RXU VDYLQJV SODQ LV WR IDFWRU LQ DQ LQFUHDVH LQ FRVWV 2QH DUWLFOH DERXW WKH VXUYH\ UHVXOWV UHSRUWHG WKDW WKH DYHUDJH ZHGGLQJ FRVW KDG ULVHQ SHU FHQW LQ HLJKW \HDUV 7KDW HTXDWHV WR FRVW LQFUHDVHV DYHUDJLQJ HDFK \HDU

.ULVWLQD .HQHDOO\ KDV D MRE RQ KHU KDQGV %HLQJ 3UHPLHU RI 16: RQ LWV RZQ LV D MRE PDQ\ SHRSOH VLPSO\ ZRXOG QRW SXW WKHLU KDQG XS IRU 6WHSSLQJ LQ DW D WLPH ZKHQ WKH 6WDWH KDV EHHQ UXQ LQWR WKH JURXQG ZKHQ LWV FRQVWLWXHQWV KDYH ORVW WUXVW LQ 6WDWH *RYHUQPHQW DQG QR ORQJHU NQRZ ZKR WR WUXVW QRZ WKDW¶V D MRE WKDW LV JRLQJ WR UHTXLUH VRPH YHU\ VSHFLDO VNLOOV

6DYH IRU \RXU GUHDP ZHGGLQJ

2QH RI WKH WKLQJV WKDW KDSSHQV ZKHQ WUXVW LV HURGHG LV WKDW SHRSOH EXLOG

5HPHPEHU WKDW FRVWV LQFUHDVH

XS QHJDWLYH H[SHFWDWLRQV EDVHG RQ WKHLU SUHYLRXV H[SHULHQFHV :H DOO GR WKLV ZKHQ WKLQJV MXVW GRQ¶W ZRUN RXW WKH ZD\ ZH ([SHFW ,Q IDFW ZKDW KDSSHQV LV WKDW ZH QR ORQJHU EHOLHYH WKH 3URPLVHV WKDW DUH PDGH WR XV µ7KLQJV ZLOO EH GLIIHUHQW ,¶P KHUH WR VRUW WKLQJV RXW¶ HWF DUH VLPSO\ D ZDVWH RI EUHDWK EHFDXVH HYHU\RQH LV VLWWLQJ DURXQG WKLQNLQJ µ6XUH 7KDW¶V ZKDW WKH ODVW JX\ VDLG DQG WKH RQH EHIRUH WKDW DQG WKH RQH EHIRUH WKDW ¶ %HFDXVH WKHLU H[SHULHQFH LV QHJDWLYH EHFDXVH WKH 3URPLVHV WKDW ZHUH PDGH LQ WKH SDVW ZHUH QRW NHSW F\QLFLVP VHWV LQ DQG D QHZ ([SHFWDWLRQ LV IRUPHG WKH VWRU\ HYHU\RQH WHOOV WKHPVHOYHV LQ RUGHU WR NHHS WKHLU WUXVW LQWDFW LV µ7KH\ DOZD\V EUHDN WKHLU 3URPLVHV DQG WKH\ DUH DOO DV EDG DV HDFK RWKHU¶ 1RZ WKHUH DUH H[FHSWLRQV WR WKLV UXOH WKHUH ZLOO DOZD\V EH WKH IHZ ZKR ZLOO JLYH WKHP D JR EXW WKH PDMRULW\ ZLOO VLW EDFN DQG ZDLW WR ZDWFK WKHP IDLO

<RXU ZHGGLQJ DQG KRQH\PRRQ DUH QRW WKH PRVW LPSRUWDQW HYHQWV LQ \RXU OLIH EXW WKH\ DUH RQH GXULQJ ZKLFK \RX JHW WR EH WKH FHQWUH RI DWWHQWLRQ DQG RQH WKDW ZLOO EH UHPHPEHUHG 6R LI \RX ZDQW WR EH DEOH WR GR LW DV \RX GUHDPHG LW WKH HQVXUH \RX KDYH VDYHG IRU LW 'RQ¶W PDNH LW DQ\ PRUH H[SHQVLYH WKDQ LW QHHGV WR EH E\ ERUURZLQJ PRQH\ DQG SD\LQJ LQWHUHVW 6DYH IRU WKH VLJQLILFDQW HYHQWV LQ OLIH DQG \RX FDQ KDYH HQRXJK PRQH\ IRU ZKDW \RX UHDOO\ ZDQW , FDQ¶W ILQG WKH RIILFLDO VXUYH\ UHVXOWV RQ WKH PDJD]LQH¶V ZHEVLWH EXW WKH\ ZHUH ZLGHO\ UHSRUWHG LQ QHZVSDSHUV LQFOXGLQJ KHUH DQG KHUH

5HODWHG SRVWV

6RXQGV SUHWW\ DZIXO KH\ %XW ZH DOO GR LW DQG \RX DUH SUREDEO\ YHU\ DZDUH WKDW ZH DOO GR LW 7KH FKDOOHQJH IRU WKH RQH DWWHPSWLQJ WR EXLOG DQG UHVWRUH WUXVW LQ WKDW HQYLURQPHQW LV WR

/DWHVW 5HVHDUFK <RX 6DYH 0RUH E\ 3D\LQJ )RU )LQDQFLDO $GYLFH 7KH FRVW RI UHWLUHPHQW

UHFRJQLVH WKDW LW LV YHU\ UHDO DQG WKDW LV WKH HQYLURQPHQW WKH\ DUH GHDOLQJ ZLWK NQRZ WKDW PDNLQJ VWDWHPHQWV WR FRQYLQFH SHRSOH WKDW WKLQJV DUH GLIIHUHQW LV KRSHOHVV ZRUN DW VKLIWLQJ WKH QHJDWLYH H[SHFWDWLRQV ILUVW WKDW PHDQV VORZO\ SURYLQJ WKHP ZURQJ

6ROYLQJ 7KH )LQDQFLDO 'HFLVLRQV 2Q <RXU 0LQG


'HFHPEHU

www.first-step-community.info

NQRZ WKDW SHRSOH GRQ¶W OLNH WR DGPLW WKDW WKH\ ZHUH ZURQJ VR WKH\ FOLQJ WR WKHLU QHJDWLYH H[SHFWDWLRQV HYHQ LI WKH\ GRQ¶W OLNH WKDW DERXW WKHPVHOYHV

HDV\ EHFDXVH KH VDLG KH¶V JRW SOHQW\ RI SHRSOH ZKR ',' PDNH WKDW VKLIW LQ WKH SDVW

EH SDWLHQW DQG FRQVLVWHQW NHHS SURYLQJ ELW E\ ELW EULFN E\ EULFN WKDW \RX DUH VHULRXV DERXW UHVWRULQJ WKH WUXVW WKDW KDV EHHQ EURNHQ

6R ZKDW ZDV LW WKDW WXUQHG RQ WKDW OLJKW EXOE LQ WKHLU PLQG" +H PLJKW NQRZ WKLV DOUHDG\ RU KH PLJKW KDYH WR DVN WKHP

,¶P SXWWLQJ LQ D FDOO WR .ULVWLQD¶V RIILFH DQG VHQGLQJ KHU D FRS\ RI µ7KH WUXWK DERXW WUXVW LQ EXVLQHVV¶ KRSHIXOO\ , FDQ KHOS KHU LQ VRPH ZD\ ZLWK KHU HQRUPRXV FKDOOHQJH )LQJHUV FURVVHG

)RU H[DPSOH ZDV LW ‡ $ NH\ TXHVWLRQ KH DVNHG" ‡ $ SDUWLFXODU H[HUFLVH RU SURFHVV KH WRRN WKHP WKURXJK"

62 :+$7¶6 1(;7" ‡ $ SHUVLVWHQW IULHQG ZKR ILQDOO\ FRQYLQFHG WKHP WR GR LW"

*UHHQ LV JRRG UHJDUGOHVV RI ZKDW WKH\ GR RU GRQ¶W GR LQ &RSHQKDJHQ

‡ HWF , DGYLVHG KLP WR ORRN IRU WKH FRPPRQ HOHPHQWV DPRQJ KLV SDVW FOLHQWV DQG WKHQ HQJLQHHU WKRVH H[SHULHQFHV LQWR WKH VDOHV SURFHVV )RU H[DPSOH LI KH LGHQWLILHG WKDW LW ZDV D SDUWLFXODU H[HUFLVH RU SURFHVV WKHQ JLYH WKHP ZD\V WR H[SHULHQFH WKDW SURFHVV DW QR FRVW DQG ULVN IUHH H J LQ D FRPSOLPHQWDU\ ZHELQDU DQ LQIRUPDWLRQ VHVVLRQ RU RQ WKHLU :HE VLWH

'(& $ 0 :KDW WR NQRZ PRUH DERXW JUHHQ EXVLQHVV JUHHQ XUEDQ GHYHORSPHQW JUHHQ OLIHVW\OH DUW DQG DUFKLWHFWXUH IRRG DQG VXVWDLQDELOLW\ ZLOGOLIH HFRV\V\VWHPV DQG FRQVHUYDWLRQ FOLPDWH FKDQJH DQG RU VXVWDLQDEOH HQHUJ\" WKHQ FKHFN RXW WKH OHFWXUHV DYDLODEOH KHUH DW RQOLQH FROOHJH

%XW ZKDW LI \RX GRQ¶W KDYH SDVW FOLHQWV¶ H[SHULHQFHV WR GUDZ RQ" 7KH PRUH JHQHUDO ZD\ RI JHWWLQJ WKHP WR ZDQW ZKDW \RX¶YH JRW LV WR VKRZ WKHP WKH SDLQ RI QRW KDYLQJ LW

%H UHPDUNDEOH ,DQ )RXQGHU 'LIIHUHQFHPDNHUV &RPPXQLW\ 3DUWQHULQJ SDVVLRQDWH SHRSOH WR FKDQJH ZKDW¶V QRUPDO IRU WKH JRRG RI SHRSOH RXU SODQHW DQG IRU SURILW

,Q RWKHU ZRUGV WKH\ PLJKW EH JRLQJ DORQJ WKHLU PHUU\ ZD\ HQMR\LQJ OLIH DQG QRW UHDOLVLQJ ZKDW WKH\ DUH PLVVLQJ RXW RQ XQWLO \RX GHPRQVWUDWH LW WR WKHP 6R \RXU MRE LV WR KHOS WKHP XQFRYHU WKH JDSV LQ WKHLU OLIH <RX FDQ GR WKDW LQ D QXPEHU RI ZD\V H J D JRDO VHWWLQJ VHPLQDU ZKHUH WKH\ ILJXUH RXW WKH JDSV EHWZHHQ WKHLU FXUUHQW OLIH DQG LGHDO OLIH DQ RQ OLQH TXHVWLRQQDLUH ZKHUH WKH\ VFRUH WKHPVHOYHV RQ YDULRXV FULWHULD D FRPSOLPHQWDU\ FRDFKLQJ VHVVLRQ WKDW WDNHV WKHP WKURXJK WKLV SURFHVV HWF

GRLQJ WRGD\ ZKDW RWKHUV ZLOO RQO\ EH WKLQNLQJ DERXW WRPRUURZ

*,+$1 3(5(5$ 7KLV LV EURDGHU DQG KHQFH OHVV UHOLDEOH WKDQ P\ ILUVW VXJJHVWLRQ IRU WZR UHDVRQV )LUVW \RX GRQ¶W NQRZ ZKLFK VSHFLILF DSSURDFK FRDFKLQJ VHVVLRQ TXHVWLRQQDLUH HWF ZLOO ZRUN EHVW $QG VHFRQG \RX¶UH FUHDWLQJ SDLQ LQ WKHLU OLIH ZKLFK QRERG\ OLNHV

+RZ WR UHDFK SHRSOH ZKR GRQ¶W NQRZ WKH\ QHHG \RX '(& $ 0

6R WKH RWKHU DSSURDFK ZKHUH \RX FUHDWH DQ HQYLURQPHQW WR GXSOLFDWH ,Q RQH RI P\ UHFHQW ZHELQDUV RQH RI WKH SDUWLFLSDQWV DVNHG WKLV TXHVWLRQ

WKH ³$KD ´ PRPHQW WKDW SDVW FOLHQWV ZHQW WKURXJK LV IDU HDVLHU

³$ KLJK QXPEHU RI SHRSOH ZH KHOS WHOO XV WKDW WKH\ ZLVK WKH\ NQHZ WKDW WKH\ ZDQWHG ZKDW ZH¶YH JRW VHYHUDO \HDUV HDUOLHU +RZ GR ZH KHOS SHRSOH GLVFRYHU WKDW ZH KDYH ZKDW WKH\ ZDQW EHIRUH WKH\ HYHQ NQRZ LW"´ 7KH NH\ LV WR JHW WKHP WR UHDOLVH WKH\ QHHG ZKDW \RX¶YH JRW 7KDW ELW LV REYLRXV VR WKH UHDO TXHVWLRQ LV +RZ" 7KLV FDQ EH WULFN\ IRU VRPH EXVLQHVVHV %XW IRU KLV EXVLQHVV LW ZLOO EH


'HFHPEHU

www.first-step-community.info

*,+$1 3(5(5$

0$77 +(51¶6 021(< *8,'(

,QWHUHVWLQJ G\QDPLFV ZKHQ PL[LQJ IDFH WR IDFH DQG UHPRWH SUHVHQWDWLRQV

0DNH 0RQH\ )URP <RXU ,GHDV '(& $ 0

'(& 3 0 7RGD\ , ZDV VFKHGXOHG WR GHOLYHU D VPDOO SUHVHQWDWLRQ DW WKH 7KRXJKW /HDGHUV &RQIHUHQFH LQ 6\GQH\ ,¶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¶W KDYH EHHQ DQ LVVXH DW DOO , RQ WKH RWKHU KDQG ZDV PDUFKLQJ WR D GLIIHUHQW GUXP ZLWK P\ SUHVHQWDWLRQ EHLQJ RQH WLPH VORW VFKHGXOHG LQWR D UHJXODU GD\

0\ ODVW DUWLFOH RQ 0DNLQJ 0RQH\ :ULWLQJ $ERXW <RXU 3DVVLRQ SURPSWHG WKLV HQTXLU\ IURP UHJXODU UHDGHU 1LFN ³KRZ FDQ \RX JHQHUDWH DQ LQFRPH VWUHDP IURP H PDUNHWLQJ DQG HYHQ VDOHV RI SURGXFWV RI \RXU H[SHUWLVH DQG NQRZOHGJH´

:KDW¶V PRUH RXU HQHUJ\ ZDV GLIIHUHQW 7KH RWKHU VSHDNHUV EHFDXVH WKH\ ZHUH FRQIHUHQFH SDUWLFLSDQWV DV ZHOO ZHUH PXFK PRUH LQ WXQH ZLWK WKH FRQIHUHQFH HQHUJ\ G\QDPLF DQG IORZ 7KH\¶G EHHQ WR WKH SUHFHGLQJ VHVVLRQV JLYHQ D VWDQGLQJ RYDWLRQ WR RQH VSHDNHU QHWZRUNHG GXULQJ WKH EUHDNV ZRXOG JR WR WKH IROORZLQJ VHVVLRQV DQG ZRXOG EH DYDLODEOH IRU D

<RX FDQ PDNH PRQH\ IURP \RXU H[SHUW LGHDV LQ \RXU KHDG ± LW¶V FDOOHG WKRXJKW OHDGHUVKLS , DOVR UHFHQWO\ ZURWH DERXW %HUQDUG 6DOW¶V VXJJHVWLRQ WR EHFRPH D WKRXJKW OHDGHU

FKDW DIWHUZDUGV

<RX PDNH PRQH\ IURP \RXU WKRXJKW OHDGHUVKLS ERWK RQOLQH DV 1LFN HQTXLUHG DQG DOVR WKH WUDGLWLRQDO RIIOLQH PHWKRGV VXFK DV VSHDNLQJ PHQWRULQJ DQG FRQVXOWLQJ

2I FRXUVH P\ VLWXDWLRQ ZDV GLIIHUHQW :LWK D IDFH WR IDFH SUHVHQWDWLRQ HYHQ LI , ZDVQ¶W JRLQJ WR EH WKHUH IRU WKH ZKROH HYHQW , FRXOG DUULYH HDUO\ DQG VWD\ ODWH WR JHW VRPH LGHD RI WKH HQHUJ\ %XW IRU P\ UHPRWH SUHVHQWDWLRQ WKLV LVQ¶W SRVVLEOH 7KH EHVW , FRXOG GR ZDV IROORZ WKH FRQIHUHQFH 7ZLWWHU VWUHDP ZKLFK ZDV JRRG EXW QRW WKH VDPH DV EHLQJ WKHUH

2QH RI WKH EHVW WKRXJKW OHDGHUV , NQRZ LQ WKH DUHD RI PDNLQJ PRQH\ IURP \RXU WKRXJKW OHDGHUVKLS LV 0DWW &KXUFK ,I \RX DUH LQWHUHVWHG LQ PDNLQJ PRQH\ IURP WKH LGHDV LQ \RXU KHDG DV UHDGHU 1LFN LV WKHQ , VWURQJO\ UHFRPPHQG \RX VWDUW E\ UHDGLQJ WKHVH WZR UHVRXUFHV IURP 0DWW &KXUFK

6R WKH OHVVRQ IRU PH DQG , KRSH IRU \RX DV ZHOO LV WZR IROG )LUVW EH DZDUH WKDW WKLV GLIIHUHQFH H[LVWV EHWZHHQ WKH IDFH WR IDFH DQG YLUWXDO SUHVHQWDWLRQ HQYLURQPHQWV 6HFRQG LI \RX DUH PDNLQJ D YLUWXDO SUHVHQWDWLRQ PDNH LW \RXU RZQ UHVSRQVLELOLW\ WR H[SODLQ WKH GLIIHUHQFHV

‡ 7KLV EULHI DUWLFOH ³+RZ WR %HFRPH D 0LOOLRQ 'ROODU ([SHUW³ DQG ‡ 7KLV H ERRN ³6HOO <RXU 7KRXJKWV +RZ WR EXLOG D KLJK VL[ ILJXUH LQFRPH IURP WKH LGHDV LQVLGH \RXU KHDG³

WR WKH FRQIHUHQFH RUJDQLVHU

,I \RX OLNH ZKDW \RX UHDG WKHQ , UHFRPPHQG \RX DOVR MRLQ WKH $XVWUDOLDQ 7KRXJKW /HDGHUV &RPPXQLW\ :$ UHDGHUV ZKR ZDQW WR EH WKRXJKW OHDGHUV VKRXOG FRQWDFW PH GLUHFWO\ DV , KDYH VRPH JXHVW SDVVHV WR RXU 3HUWK EDVHG PRQWKO\ PHPEHU HYHQWV

5HODWHG SRVWV 0DNLQJ PRQH\ ZULWLQJ DERXW \RXU SDVVLRQ


'HFHPEHU

www.first-step-community.info

7KZDFN =HUR LQFRPH +RZ ORQJ ZLOO \RX ODVW"

%H D &DWDO\VW IRU ,QQRYDWLRQ 6KHOOH\ 'XQVWRQH 0DNH 0DUNHWLQJ 6LPSOH 3HQQ\ %XUNH

*,+$1 3(5(5$

([SHFW 0RUH )URP 1HZ ( %RRN

0DNH ([HUFLVH WKH +DUGHVW 7KLQJ <RX 'R (DFK 'D\ 'DYLG %HDUG

'(& 3 0

&UDIWLQJ 3RZHUIXO 3UHVHQWDWLRQV -DQL 0XUSK\

+DQJLQ¶ ,Q 7KHUH 7RQ\ )RXQWDLQ

+DYH (QRXJK 0RQH\ IRU :KDW <RX :DQW 0DWW +HUQ <RX &DQ¶W ,JQRUH &KLQD LQ 'DYLG 7KRPDV 7KH 1LQH &¶V RI &ULVLV &RPPXQLFDWLRQV 7RP 0XUUHOO <RX (PSRZHULQJ <RX LQ 0DUHH +DUULV 'RQ¶W ZDLW IRU D OLIH FULVLV 6WHYH )UDQFLV 0DNLQJ D 'LIIHUHQFH LQ 'U $QQ 9LOOLHUV :KDW UHDSV \RXU EHVW KDUYHVW" 5XWK %RQHWWL 0DQDJLQJ &KDQJH LQ WKH & ZLWK $ 3UHKLVWRULF %UDLQ $QQH 5LFKHV 7KLV LV WKH IRXUWK \HDU QRZ WKDW ,¶YH LQYLWHG PHPEHUV RI P\ )LUVW 6WHS PHPEHUVKLS VLWH WR FRQWULEXWH DQ DUWLFOH WR D FROODERUDWLYH H ERRN (DFK WLPH WKH UHVXOW H[FHHGV P\ H[SHFWDWLRQV

7KH &RQVHTXHQFH &RQYHUVDWLRQ +HOHQ 0DFGRQDOG 7KH 0DJLF RI 0DVWHUPLQG *URXSV 'DYLG -XOLDQ 3ULFH

,I \RX¶G OLNH WR SLFN XS \RXU FRS\ RI ([SHFW 0RUH )URP LW¶V DYDLODEOH KHUH IUHH RI FKDUJH

7KH 0RUH <RX 3URYH WKH 0RUH <RX 0RYH 1HLO 0DWWLQJOH\

+HUH¶V D OLVW RI WKH WRSLFV

$UH <RX $ &RQVWDQW &UXVDGHU )RU <RXU 2UJDQLVDWLRQ" 5LFN\ 1RZDN

0\ )RUPXOD IRU %XVLQHVV 6XFFHVV *LKDQ 3HUHUD 6WHS LQWR &RXUDJH $OLVRQ +LOO :KDW H[DFWO\ DUH µH[FHOOHQW FRPPXQLFDWLRQ VNLOOV¶" 5RVV &OHQQHWW 6XFFHVV DW 7UDGHVKRZV ([SR¶V 5RE 6DOLVEXU\ 1R 'XPE 4XHVWLRQV« 5HDOO\" 'DYLG 3HQJODVH &UHDWH <RXU 'HVLUHG )XWXUH $QGUHZ 2¶%ULHQ 6SUXFH XS <RXU ( PDLO (WLTXHWWH 6KLUOH\ 7D\ORU *R )XUWKHU 7RJHWKHU 6XH 2¶%ULHQ 8VH <RXU ,PPHDVXUDEOH 3RZHU 'DUUHQ +LOO 'HVLJQLQJ <RXU /XFN .DUHQ %R\HV 7XUQ +RSH LQWR $FWLRQ 6KDURQQH 3KLOOLSV )XWXUH /HDGHUVKLS 7UHQGV $OL &XUWLV &KDQJH :KDW¶V 1RUPDO ,DQ %HUU\ 5HVSHFW &RQQHFW /\QQH 6FKLQHOOD 2YHUFRPLQJ 3UREOHPV &OLYH 0XUSK\ 2SWLPLVH <RXU %UDLQ +HDOWK 'U -HQQ\ %URFNLV ,QRFXODWH <RXU :HDN 3RLQWV IRU 3DXO $UFKHU 'RLQJ %XVLQHVV WKH 3KLODQWKURSLF :D\ LQ %HOLQGD 9HFFKLR +RVW 6WUDWHJLF &RQYHUVDWLRQV *DU\ 5\DQ $SSUHFLDWLYH ,QTXLU\ $, -RKQ /RW\


'HFHPEHU

www.first-step-community.info

,PSURYH \RXU &RQYHUVDWLRQV *DU\ (GZDUGV

7KUHH ZD\V«

'LIILFXOW &RQYHUVDWLRQV 0DGH (DV\ 6XH PDUHH

)LUVWO\ WKH\ FRQVXOWHG ZLWK WKHLU SDWLHQWV IRU DQ H[WUD WKUHH PLQXWHV RQ DYHUDJH

:KHQ %HLQJ %XV\ LV %HVW 6DP 0D[ZHOO 6HFRQGO\ WKH\ ZHUH PRUH OLNHO\ WR XVH RULHQWDWLQJ FRPPHQWV GHVLJQHG WR JLYH SDWLHQWV D FHUWDLQ DPRXQW RI FRQWURO RYHU WKH GLDJQRVWLF SURFHVV )RU H[DPSOH D 'RFWRU PLJKW WHOO D SDWLHQW XS IURQW ³)LUVW ,¶OO H[DPLQH \RX DQG WKHQ ZH ZLOO WDON WKH SUREOHP RYHU´ 2U KH RU VKH PLJKW VHHN SHUPLVVLRQ IURP WKH SDWLHQW WR WHOO KLP PRUH ³*R RQ WHOO PH PRUH DERXW WKDW´

9RLFH DQG :RUGV WKDW :RUN %DUEDUD %DOGZLQ +DQGOLQJ 'LIILFXOW &RQYHUVDWLRQV &DQG\ 7\PVRQ )RFXV 2Q WKH 5LJKW *RDOV .DWKOHHQ )UDQNO\Q

)LQDOO\ WKH\ ZHUH IDU PRUH OLNHO\ WR LQMHFW KXPRU GXULQJ D YLVLW 1(,/ 0$77,1*/(< &20

2Q WKHLU RZQ WKHVH GLIIHUHQFHV PLJKW QRW VHHP OLNH PXFK &ROOHFWLYHO\ KRZHYHU WKH H[WUD WLPH WKH GHOLFDWH ³IUDPLQJ´ RI SURFHGXUHV DQG WKH FDSDFLW\ WR JHQHUDWH D VPLOH REYLRXVO\ ZHQW D ORQJ ZD\ WRZDUG FUHDWLQJ

:KDW *RRG 'RFWRUV &DQ 7HDFK <RX $ERXW 6DOHV

WKH LPSUHVVLRQ WKDW WKHVH 'RFWRUV &$5('«

'(& 3 0

:KHQ \RX WKLQN DERXW LW WKH WUDLWV WKDW WKHVH GRFWRUV H[KLELWHG WRZDUG WKHLU SDWLHQWV DUH QRW GLVVLPLODU WR ZKDW LV UHTXLUHG LQ HIIHFWLYH VHOOLQJ

$ FRXSOH RI GD\V LQ KRVSLWDO PDNHV \RX YHU\ DZDUH RI ZKR LV ORRNLQJ DIWHU \RX

-XVW OLNH SDWLHQWV FRQVXPHUV RIWHQ QHHG WKHLU SUREOHPV GLDJQRVHG $QG MXVW OLNH SDWLHQWV LW¶V OLNHO\ WKDW WKH\ WRR PD\ EH ZDU\ RI JLYLQJ WRR PXFK DZD\ WR WKH ZURQJ SHUVRQ

$V , OD\ RQ P\ KRVSLWDO EHG GXULQJ D EULHI VWLQW ODVW ZHHN , ZDV UHPLQGHG RI DQ H[FHUSW IURP 0DOFROP *ODGZHOO¶V ZRUN %OLQN LQ ZKLFK KH SRVHV WKH TXHVWLRQ ³:K\ DUH VRPH 'RFWRUV PRUH OLNHO\ WR JHW VXHG WKDQ DUH RWKHUV"´

)LQDOO\ FRQVXPHUV OLNH SDWLHQWV SUREDEO\ ZDQW WR GR EXVLQHVV ZLWK VRPHRQH WKH\ OLNH :KLFK PDNHV /HYLQVRQ¶V UHVHDUFK DERXW WKH GRFWRUV ZKR GRQ¶W JHW VXHG«

*ODGZHOO DXWKRU RI RWKHU ZHOO NQRZQ VRFLDO FRPPHQWDULHV VXFK DV WKH 7LSSLQJ 3RLQW DQG 2XWOLHUV WKLQNV KH KDV WKH DQVZHU

9HU\ ,17(5(67,1*«

+H FLWHV UHVHDUFK E\ 3URIHVVRU :HQG\ /HYLQVRQ RI WKH 8QLYHUVLW\ RI 7RURQWR WKDW UHFRUGHG KXQGUHGV RI FRQYHUVDWLRQV EHWZHHQ D JURXS RI SK\VLFLDQV DQG WKHLU SDWLHQWV

7KH QH[W WLPH \RX LQWHUDFW ZLWK D FXVWRPHU WU\ WR

,Q RQH FRUQHU ZHUH VXUJHRQV ZLWK D EODFN PDUN DJDLQVW WKHLU QDPHV WKHVH ZHUH SHRSOH ZKR KDG EHHQ VXHG DW OHDVW WZR WLPHV

*LYH PRUH DVVXUDQFH ZKHQ ³GLDJQRVLQJ WKH SUREOHP´ DQG WR

$OORFDWH PRUH WLPH

+DYH PRUH IXQ « ,Q WKH RWKHU ZHUH WKRVH ZLWK D FOHDQ VODWH )RU RQH UHDVRQ RU DQRWKHU QRQH RI WKHLU SDWLHQWV KDG GHFLGHG WR WDNH WKHP WR FRXUW

7KHQ VLW EDFN«

6LJQLILFDQWO\ /HYLQVRQ IRXQG QR GLIIHUHQFH LQ WKH TXDOLW\ DQG TXDQWLW\ RI WKH LQIRUPDWLRQ WKDW WKH WZR JURXSV RI GRFWRUV GHOLYHUHG WR WKHLU

$QG VHH LI \RXU VDOHV GRQ¶W LPSURYH

UHVSHFWLYH SDWLHQWV ,Q RWKHU ZRUGV ERWK JURXSV ZHUH HVVHQWLDOO\ GHOLYHULQJ WKH VDPH PHVVDJH :KHUH WKH VHFRQG JURXS VKRZHG WKHPVHOYHV WR EH GLIIHUHQW KRZHYHU OD\ LQ WKH ZD\ WKH\ WDONHG WR WKH SDWLHQWV ,Q VKRUW JURXS QXPEHU WZR JDYH WKH LPSUHVVLRQ WKH\ &$5('«ZKLFK VHHPV WR KDYH EHHQ D GHWHUPLQLQJ IDFWRU ZKHQ SDWLHQWV GHFLGHG ZKHWKHU WKH\ ZRXOG VXH RU QRW 6R KRZ GLG WKH 'RFWRUV ZLWK WKH XQEOHPLVKHG UHFRUG GR WKLV"


'HFHPEHU

www.first-step-community.info

*,+$1 3(5(5$

62 :+$7¶6 1(;7"

'RQ¶W ZDIIOH ZKHQ VKDULQJ EDG QHZV RQ OLQH

7KH HYHU JURZLQJ EXVLQHVV FDVH IRU &65 VXVWDLQDELOLW\

'(& 3 0

'(& 3 0

, UHFHLYHG DQ XQH[SHFWHG H PDLO WRGD\ IURP P\ 3HWHU +DQORQ DW P\ EDQN :HVWSDF DGYLVLQJ PH RI DQ LQFUHDVH LQ P\ KRPH ORDQ LQWHUHVW UDWH , NQHZ WKH UDWH ZDV ULVLQJ VR , ZDVQ¶W VXUSULVHG E\ WKH QHZV %XW LW¶V WKH ILUVW WLPH :HVWSDF KDV XVHG H PDLO WR WHOO PH VRPHWKLQJ DV LPSRUWDQW DQG XVHIXO DV WKLV 6R , DSSODXG WKHP IRU WKDW

,Q D UHSRUW IRU ,%0 *OREDO %XVLQHVV 6HUYLFHV *HRUJH 3RKOH DQG -HII +LWWQHU PDNH VRPH H[FHOOHQW SRLQWV IURP D VXUYH\ RI JOREDO OHDGHUV WKDW FOHDUO\ DGYRFDWH WKH EXVLQHVV FDVH IRU &65 6XVWDLQDELOLW\ LQFOXGLQJ ³$ JURZLQJ ERG\ RI HYLGHQFH DVVHUWV WKDW FRUSRUDWLRQV FDQ GR ZHOO E\ GRLQJ JRRG :HOO NQRZQ FRPSDQLHV KDYH DOUHDG\ SURYHQ WKDW WKH\ FDQ GLIIHUHQWLDWH WKHLU EUDQGV DQG UHSXWDWLRQV DV ZHOO DV WKHLU SURGXFWV DQG VHUYLFHV LI WKH\ WDNH UHVSRQVLELOLW\ IRU WKH ZHOO EHLQJ RI WKH VRFLHWLHV DQG HQYLURQPHQWV LQ ZKLFK WKH\ RSHUDWH

+RZHYHU WKH\ PDGH RQH PLVWDNH DQG D ELJ RQH ,Q KLV H PDLO XQGHU WKH KHDGLQJ ³:K\ ZH LQFUHDVHG WKH UDWH´ WKLV LV 0U +DQORQ¶V H[SODQDWLRQ

SHUFHQW DUH QRZ XWLOL]LQJ &65 DV DQ RSSRUWXQLW\ DQG D SODWIRUP IRU JURZWK

³,Q ORRNLQJ DW WKH DPRXQW RI WKH LQFUHDVH ZH ZDQWHG WR EH IDLU WR RXU FXVWRPHUV DW WKH VDPH WLPH HQVXULQJ ZH PDLQWDLQ D VXVWDLQDEOH EXVLQHVV PRGHO WKDW ZLOO VHH XV FRQWLQXH WR LPSURYH RXU VHUYLFH DQG FRQWLQXH WR SURYLGH KRPH ORDQV WR D FRQVLGHUDEOH QXPEHU RI $XVWUDOLDQV ´

7RGD\ D VXUSULVLQJ QXPEHU RI FRPSDQLHV DOUHDG\ UHJDUG FRUSRUDWH VRFLDO UHVSRQVLELOLW\ DV D SODWIRUP IRU JURZWK DQG GLIIHUHQWLDWLRQ WKH VKLIW LQ WKLQNLQJ IURP &65 DV D FRVW RU ULVN PLWLJDWLRQ HIIRUW WR &65 DV D VWUDWHJLF JRDO WKDW EULQJV LQ QHZ UHYHQXHV

+XK""" +RZ GRHV WKDW H[SODLQ WKH UDWH ULVH" ,W¶V MXVW PHDQLQJOHVV JREEOHG\JRRN WKDW VD\V QRWKLQJ DQG GRHVQ¶W DQVZHU WKH TXHVWLRQ KH UDLVHG

2YHU WZR WKLUGV SHUFHQW RI WKH EXVLQHVV OHDGHUV VXUYH\HG E\ ,%0 DUH IRFXVLQJ RQ &65 DFWLYLWLHV WR FUHDWH QHZ UHYHQXH VWUHDPV

7KHUH LV D UHDVRQ DQG LW¶V D SHUIHFWO\ YDOLG UHDVRQ 7KH FRVW RI ERUURZLQJ PRQH\ KDV JRQH XS VR WKH EDQN LV OLIWLQJ LWV OHQGLQJ UDWHV WR FRSH ,W¶V VLPSOH VWUDLJKWIRUZDUG DQG GRHVQ¶W EHDW DERXW WKH EXVK

2YHU KDOI SHUFHQW EHOLHYH WKDW WKHLU FRPSDQLHV¶ &65 DFWLYLWLHV DUH DOUHDG\ JLYLQJ WKHP DQ DGYDQWDJH RYHU WKHLU WRS FRPSHWLWRUV

7R EH IDLU :HVWSDF GLG FUHDWH D VHSDUDWH :HE SDJH GHVFULELQJ WKH UDWH ULVH SURSHUO\ DQG WKDW SDJH ZDV D OLQN LQ WKH H PDLO PHVVDJH %XW ZK\ KLGH LW DZD\" ,W ZRXOG KDYH EHHQ PXFK EHWWHU WR EH XS IURQW DERXW LW

7KH WUDGLWLRQDO DGDJH ³EX\HU EHZDUH ´ KDV QRZ EHFRPH ³VHOOHU EHZDUH ´

6XUH QRERG\ OLNHV JHWWLQJ QHJDWLYH QHZV DQG IHZ SHRSOH OLNH GHOLYHULQJ LW %XW WKDW¶V QR H[FXVH IRU ZDIIOLQJ %H KRQHVW DQG GLUHFW DQG \RXU

$ FRPSDQ\¶V PRVW YDOXDEOH DVVHW LV LWV DELOLW\ WR FRQYHUW EUDQG SRZHU LQWR FXVWRPHU EX\LQJ GHFLVLRQV 2QO\ WKH FRPSDQ\ WKDW VKDUHV UHOLDEOH LQIRUPDWLRQ FDQ EH D WUXVWZRUWK\ ³SDUWQHU LQ VXVWDLQDELOLW\´ IRU FXVWRPHUV ZKR DUH UHDG\ WR EX\

FOLHQWV DQG QHWZRUN ZLOO DSSUHFLDWH LW

:KDW KDSSHQV ZKHQ D FXVWRPHU ZDONV LQWR D VWRUH D EDQN D VKRZURRP RU HYHQ D IDFWRU\ IORRU DQG DVNV LI WKH SURGXFWV WKH\ VHH DUH IDLU WUDGH RU VRXUFHG VXVWDLQDEO\" 'R HPSOR\HHV KDYH WKH LQIRUPDWLRQ DW KDQG" &DQ WKH\ DQVZHU TXHVWLRQV DERXW WKH FRPSDQ\¶V ODERU SUDFWLFHV DQG HQHUJ\ FRQVXPSWLRQ DV ZHOO DV SURGXFW GLVSRVDO" 1RW XVXDOO\ $UH WKH\ SUHSDUHG WR KDYH D UHDO GLDORJXH RQH LQ ZKLFK WKH\ OHDUQ DERXW WKH FXVWRPHUV¶ QHHGV" 1RW IUHTXHQWO\ HQRXJK DFFRUGLQJ WR WKH UHVSRQGHQWV RI WKH VXUYH\


'HFHPEHU

www.first-step-community.info

$OO WRR RIWHQ LQ FRUSRUDWH OLIH WKH &(2 DQQRXQFHV D YLVLRQ DQG WKH DYHUDJH HPSOR\HH

7+( 7587+ $%287 75867

(YHQ &HOHEULWLHV +DYH 7UXVW ,VVXHV

LV P\VWLILHG RU LQGLIIHUHQW :LWK &65 LW FDQ EH GLIIHUHQW ´ 3OHDVH GRZQORDG WKH IXOO UHSRUW KHUH

'(& $ 0 , ZRXOG DOVR KLJKO\ UHFRPPHQG DQ DUWLFOH SXEOLVKHG LQ WKH 1HZ <RUN 7LPHV E\ -DUHG 'LDPRQG GLVWLQJXLVKHG DXWKRU DQG SURIHVVRU RI JHRJUDSK\ DW 8QLYHUVLW\ RI &DOLIRUQLD µ:LOO %LJ %XVLQHVV 6DYH WKH (DUWK"¶ <RX FDQ UHDG WKLV DUWLFOH KHUH ,V &65 6XVWDLQDELOLW\ NH\ WR \RXU JURZWK VWUDWHJ\" %H UHPDUNDEOH ,DQ )RXQGHU 'LIIHUHQFHPDNHUV &RPPXQLW\ 3DUWQHULQJ SDVVLRQDWH SHRSOH WR FKDQJH ZKDW¶V QRUPDO IRU WKH JRRG RI SHRSOH RXU SODQHW DQG IRU SURILW GRLQJ WRGD\ ZKDW RWKHUV ZLOO RQO\ EH WKLQNLQJ DERXW WRPRUURZ

3(7(5 :(%%¶6 ³:,6'20 &,5&/(´

0RUDO (WKLFV '(& $ 0

+LV +ROLQHVV WKH WK 'DODL /DPD ZDV DW WKH 0LQG ,WV 3RWHQWLDO &RQIHUHQFH ODVW ZHHN +H SDUWLFLSDWHG LQ D YLJRURXV SDQHO GLVFXVVLRQ ZLWK 0DUW\ 6HOLJPDQ 'LUHFWRU RI WKH &HQWHU IRU 3RVLWLYH 3V\FKRORJ\ DW WKH 8QLYHUVLW\ RI 3HQQV\OYDQLD 86$ 0DUF +DXVHU &R 'LUHFWRU RI WKH 0LQG %UDLQ DQG %HKDYLRXU 3URJUDP +DUYDUG 8QLYHUVLW\ 86$ DQG $ODQ :DOODFH 3UHVLGHQW RI WKH 6DQWD %DUEDUD ,QVWLWXWH IRU &RQVFLRXVQHVV 6WXGLHV 86$ 7KH TXHVWLRQ ZDV DVNHG DUH WKHUH UHDOO\ DQ\ PRUDO WUXWKV" +LV +ROLQHVV UHSOLHG ³LI EDVHG RQ UHOLJLRXV IDLWK WKHQ PRUDO HWKLFV EHFRPHV YHU\ QDUURZ %XW D VHFXODU PRUDO HWKLFV HQFRPSDVVHV DQ\ DFWLRQ ZKLFK EULQJV FRPIRUW RU EHQHILW WR WKH FRPPXQLW\ DQG WR RQHVHOI LQ WKH ORQJ UXQ DQG ZKLFK DYRLGV GLVFRPIRUW RU WDNLQJ DZD\ EHQHILW 7KDW LV PRUDO 1RWKLQJ WR GR ZLWK UHOLJLRQ ´ +LV +ROLQHVV DOVR FRPPHQWHG WKDW ³FRPSDVVLRQ LV WKH PRVW LPSRUWDQW HPRWLRQ´


'HFHPEHU

www.first-step-community.info

*$5< 5<$1

7KUHH 6WHSV 7R %ULQJ <RXU 2UJDQLVDWLRQ¶V 9DOXHV $OLYH 7KURXJK 6WRU\WHOOLQJ '(& 3 0 :HOO , JXHVV , UHDOO\ FDQ¶W VWD\ TXLHW RQ WKLV RQH DV LW¶V HYHU\ZKHUH DQG LW¶V DOO DERXW 75867

2UJDQLVDWLRQDO YDOXHV DUH WRR RIWHQ OHIW WR JDWKHU GXVW RQ RIILFH ZDOOV ,I \RX DUH D OHDGHU DQG \RXU RUJDQLVDWLRQ KDV YDOXHV KRZ UHJXODUO\ GR \RX EULQJ WKRVH YDOXHV DOLYH LQ FRQYHUVDWLRQV ZLWK \RXU WHDP PHPEHUV" 7KH XVXDO UHVSRQVH LV ³1RW YHU\ RIWHQ ´ <HW ZKHQ ZH DVN OHDGHUV LI WKH\ EHOLHYH LQ WKHLU RUJDQLVDWLRQ¶V YDOXHV WKH\ UHSO\ ZLWK D UHVRXQGLQJ ³<HV ´

2QH RI WKH LQWHUHVWLQJ WKLQJV DERXW LVVXHV RI WUXVW LV WKH\ PDNH D +8*( 0(66 :KHWKHU ZH NQRZ WKH GHWDLOV RI ZKDW ZDV JRLQJ RQ RU QRW RQFH VRPHWKLQJ LV RXW WKHUH SDUWLFXODUO\ VRPHWKLQJ DV ELJ DV 7LJHU¶V LVVXH RI LQILGHOLW\ RXU H[SHFWDWLRQV RI WKDW SHUVRQ FKDQJH :H EHJLQ WR GRXEW HYHU\WKLQJ WKH\ VD\ :H GRQ¶W NQRZ ZKDW WR EHOLHYH DQG HYHQ LI WKH\ SURPLVH VRPHWKLQJ GLIIHUHQW RU FODLP WKDW QRWKLQJ KDSSHQHG LW¶V WRR

6R ZKDW LV WKH SUREOHP" :K\ LV LW WKDW VR PDQ\ OHDGHUV VWUXJJOH WR KRVW FRQYHUVDWLRQV ZLWK WKHLU WHDP PHPEHUV DERXW WKHLU RUJDQLVDWLRQ¶V

ODWH WKH QHJDWLYH H[SHFWDWLRQ KDV VHW LQ DQG QHJDWLYH H[SHFWDWLRQV DUH YHU\ YHU\ KDUG WR VKLIW

YDOXHV" 7KH DQVZHU RIWHQ OLHV LQ WZR LVVXHV )LUVWO\ OHDGHUV VLPSO\ IRUJHW WR WDNH UHVSRQVLELOLW\ IRU NHHSLQJ WKHLU RUJDQLVDWLRQDO YDOXHV DOLYH E\ WDONLQJ DERXW WKHP ZLWK WKHLU WHDP PHPEHUV 6XFK EHKDYLRXU LV VLPSO\ QRW RQ WKHLU UDGDU

6RPH SHRSOH ZRQ¶W FDUH :K\ LV WKDW" :K\ GRHV WKLV VRUW RI WKLQJ UHDOO\ GLVWXUE VRPH SHRSOH DQG QRW RWKHUV" ,W GHSHQGV RQ WKHLU YDOXHV DQG WKHLU QHHGV DQG ZKDW WKH\ ZHUH H[SHFWLQJ LQ WKH ILUVW SODFH 6RPH SHRSOH ZLOO KDYH ZULWWHQ 7LJHU :RRGV RII DOWRJHWKHU DQG ZRQ¶W ZDQW WR NQRZ DQ\WKLQJ DERXW KLP DQ\ PRUH 2WKHUV ZLOO VKUXJ WKHLU VKRXOGHUV DQG JHW RQ ZLWK WKHLU RZQ OLYHV

6HFRQGO\ PDQ\ OHDGHUV DUHQ¶W WDXJKW KRZ WR WHOO HIIHFWLYH VWRULHV ,W LV DVVXPHG WKDW OHDGHUV NQRZ KRZ WR WHOO VWRULHV ,Q SDUW WKLV LV WUXH 3HRSOH '2 NQRZ KRZ WR WHOO VWRULHV +RZHYHU WHOOLQJ HIIHFWLYH VWRULHV LV GLIIHUHQW 7HOOLQJ HIIHFWLYH VWRULHV UHTXLUHV VRPH VWUXFWXUH

7KH VWUHVV HPEDUUDVVPHQW DQG UHSXWDWLRQDO GDPDJH WR 7LJHU ZLOO KDYH WDNHQ D IHZ \HDUV RII KLV OLIH WKDW¶V IRU VXUH

7KDQNIXOO\ PRVW VWRU\WHOOLQJ VWUXFWXUHV DUH TXLWH VLPSOH +HUH¶V RQH WKDW :KDW ZH DOO QHHG WR DYRLG LV WKLV NLQG RI WKLQJ KDSSHQLQJ LQ RXU SHUVRQDO OLYHV DQG DOVR LQ RXU EXVLQHVVHV

PRVW RI \RX ZLOO UHPHPEHU IURP \RXU FKLOGKRRG 7KH VWUXFWXUH ZDV HIIHFWLYH WKHQ DQG LW LV VWLOO HIIHFWLYH QRZ

$ EUHDNGRZQ RI WUXVW KXUWV DQG HYHQ DIWHU WKH LQLWLDO PHVV LV FOHDQHG XS LW OHDYHV VWDLQV DQG VFDUV

6WHS 6WDUW WKH VWRU\ 7KLV XVXDOO\ LQYROYHV VHWWLQJ WKH VFHQH DQG FRQWH[W RI WKH VWRU\ )RU VWRULHV UHJDUGLQJ WKH RUJDQLVDWLRQV YDOXHV \RX ZRXOG H[SODLQ D VLWXDWLRQ DQG VHW WKH VFHQH WKDW \RX DUH JRLQJ WR H[SODLQ KRZ WKH RUJDQLVDWLRQ¶V YDOXHV FDQ EH XVHG LQ UHDO VLWXDWLRQV 6WHS ([SODLQ WKH PLGGOH VHFWLRQ RI WKH VWRU\ 7KLV XVXDOO\ LQYROYHV WKH GHWDLOV DERXW ZKDW KDSSHQHG DQG ZKR GLG ZKDW ,W LV ZKHUH WKH UDWLRQDOH EHKLQG KRZ WKH YDOXHV ZHUH XVHG ZRXOG EH H[SODLQHG 6WHS )LQLVK WKH VWRU\ 7KLV VHFWLRQ SURYLGH WKH ³6R ZKDW ´ SDUW RI WKH VWRU\ :KDW ZDV WKH UHVXOW" ,Q WKLV FDVH ZKDW ZDV WKH LPSDFW RI XVLQJ WKH RUJDQLVDWLRQ¶V YDOXHV WR JXLGH GHFLVLRQ PDNLQJ DQG DFWLRQV $Q H[DPSOH 6WDUW :KHQ , ZDV RQ WKH H[HFXWLYH WHDP RI D PHGLXP VL]HG EXVLQHVV VRPH OHJLVODWLRQ ZDV SDVVHG WKDW DIIHFWHG PLOOLRQ RI RXU UHYHQXH ,Q


'HFHPEHU

www.first-step-community.info

PRQWKV WLPH LW ZRXOG EH JRQH 7KLV UHYHQXH GLUHFWO\ SDLG WKH VDODULHV RI RYHU SHRSOH

*,+$1 3(5(5$

8VLQJ 'URS%R[ FRP IRU VKDULQJ ILOHV

0LGGOH +DYLQJ DOUHDG\ SHUIRUPHG VRPH VFHQDULR SODQQLQJ RQ WKLV RXWFRPH WKH H[HFXWLYH WHDP PHW WR FRQILUP ZKDW ZRXOG EH GRQH IRU WKH VWDII WR HQVXUH WKDW WKH YDOXHV RI LQWHJULW\ WHDPZRUN VHUYLFH DQG FRPPXQLW\ ZHUH XSKHOG WKURXJKRXW D GLIILFXOW SHULRG $ GHFLVLRQ ZDV PDGH WR XVH WKH RUJDQLVDWLRQ¶V WUDLQLQJ DQG GHYHORSPHQW EXGJHW WR XS VNLOO WKH VWDII LQ UHVXPH ZULWLQJ LQWHUYLHZ VNLOOV DQG RXWSODFHPHQW SURJUDPV WR HQVXUH WKDW DV PDQ\ VWDII DV SRVVLEOH FRXOG ILQG QHZ MREV

'(& 3 0

0$77 &+85&+ (QG $OO VWDII ZKR ZLVKHG WR DFFHVV WKH VXSSRUW ZHUH SURYLGHG ZLWK WKH WUDLQLQJ DQG RXWSODFHPHQW VXSSRUW WKDW WKH\ UHTXLUHG :KLOH LW ZDV D GLIILFXOW SHULRG IRU HYHU\RQH LQYROYHG VWDII FRQVLVWHQWO\ UHSRUWHG WKDW ZKLOH WKH\ ZLVKHG WKDW WKH VLWXDWLRQ KDG QRW RFFXUUHG WKH\ ZHUH

:HOOV RI LQVSLUDWLRQ

GHOLJKWHG ZLWK WKH VXSSRUW WKDW WKH RUJDQLVDWLRQ KDG SURYLGHG WKHP WKURXJKRXW WKHLU WUDQVLWLRQ 7KH YDVW PDMRULW\ RI VWDII IRXQG QHZ MREV DQG RSSRUWXQLWLHV WKDW ILWWHG ZLWK WKHLU FDUHHU DVSLUDWLRQV

KHUH LQ 6\GQH\ , DP H[FLWHG EHFDXVH µZKR LQVSLUHV WKH LQVSLUHUV"¶ 7KH DQVZHU LV QRW DQ HDV\ RQH :KHQ \RX DUH LQ WKH EXVLQHVV RI EHLQJ WKH RQH ZKR LQVSLUHV DQG OHDGV \RX KDYH WR DFWLYHO\ GHYHORS µ:HOOV¶ $ µ:HOO¶ LV D SHUVRQ SODFH RU DFWLYLW\ WKDW ILOOV \RX XS 6R ZKR ZKDW DQG ZKHUH DUH

$ VLJQLILFDQW EHQHILW RI VWRU\WHOOLQJ LV WKDW LW KHOSV SHRSOH WR PDNHV VHQVH RI VLWXDWLRQV $IWHU \RX KDYH WROG D VWRU\ LW LV ZRUWK DVNLQJ SHRSOH LI WKH VWRU\ KDV WULJJHUHG DQ\ VLPLODU H[DPSOHV WKDW DOVR PLJKW VKRZ WKH RUJDQLVDWLRQ¶V YDOXHV LQ XVH :KHQ OLVWHQLQJ WR WKHLU VWRULHV OLVWHQ IRU WKH VWDUW PLGGOH DQG HQG 1RW HYHU\RQH WHOOV VWRULHV FRUUHFWO\ VR WKH\ PLJKW PLVV RXW VRPH LPSRUWDQW SDUWV RI WKH VWRU\ ,I \RX DUH OLVWHQLQJ \RX FDQ KHOS WKHP RXW )RU H[DPSOH LI VRPHRQH VKDUHV D VWRU\ EXW OHDYHV RXW WKH HQG DVN ³:KDW KDSSHQHG" :KDW GLIIHUHQFH GLG \RXU DFWLRQV PDNH"´ <RX¶OO EH DPD]HG DW WKH GLIIHUHQFH DVNLQJ VXFK TXHVWLRQV FDQ PDNH WR WKH TXDOLW\ RI \RXU WHDP PHPEHUV VWRU\WHOOLQJ

\RXU :HOOV"6RPH RI PLQH LQFOXGH 7LPH

'(& $ 0 :H DUH WZR GD\V DZD\ IURP WKH ELJ DQQXDO 7KRXJKW /HDGHUV &RQIHUHQFH

3(7(5 :(%%¶6 ³:,6'20 &,5&/(´

:KDW¶V 0LQH LV 0LQG '(& $ 0

8VLQJ WKLV WHFKQLTXH FDQ FUHDWH KLJKO\ HQJDJHG DQG IORZLQJ ZRUNSODFH FRQYHUVDWLRQV :LWKRXW HYHQ NQRZLQJ LW \RXU WHDP PHPEHUV ZLOO VWDUW WR GHHSHQ WKHLU XQGHUVWDQGLQJ RI ZKDW \RXU RUJDQLVDWLRQ¶V YDOXHV UHDOO\ PHDQ LQ DFWLRQ 6R VHW DVLGH PLQXWHV RQFH D PRQWK LQ \RXU WHDP PHHWLQJV DQG VHH LI \RX FDQ EULQJ \RXU RUJDQLVDWLRQ¶V YDOXHV DOLYH WKURXJK VWRU\WHOOLQJ )ROORZ WKH VLPSOH VWDUW PLGGOH DQG HQG VWUXFWXUH DQG \RX¶OO EH VXUSULVHG MXVW KRZ HIIHFWLYH LW FDQ EH 3OHDVH OHW XV NQRZ KRZ \RX JR

7KH ³0LQG ,WV 3RWHQWLDO´ &RQIHUHQFH DW 'DUOLQJ +DUERXU ODVW ZHHN ZDV D UHDO VPRUJDVERUG RI QHXURVFLHQFH SV\FKRORJ\ DQG SKLORVRSK\ , SDUWLFXODUO\ OLNHG WKH GHILQLWLRQV RI PLQG JLYHQ E\ YDULRXV VSHDNHUV %DURQQHVV 6XVDQ *UHHQILHOG 1HXURVFLHQWLVW DQG 'LUHFWRU RI WKH 5R\DO ,QVWLWXWLRQ RI *UHDW %ULWDLQ GHVFULEHG WKH PLQG DV WKH ³SHUVRQDOLVDWLRQ´ RI WKH EUDLQ 'DQ 6LHJHO 3V\FKLDWULVW DQG 'LUHFWRU RI WKH &HQWHU IRU +XPDQ 'HYHORSPHQW 86$ VDLG WKH PLQG LV ³DQ HPERGLHG DQG UHODWLRQDO SURFHVV WKDW UHJXODWHV WKH IORZ RI HQHUJ\ DQG LQIRUPDWLRQ´ 0LFKDHO 9DOHQ]XHOD 5HVHDUFK )HOORZ LQ 5HJHQHUDWLYH 1HXURVFLHQFH DW WKH 6FKRRO RI 3V\FKLDWU\ 816: GHVFULEHG D KLHUDUFK\ RI ³PLQGHGQHVV´ EXW FODLPHG WR EH LQ DZH RI WKH SKHQRPHQD RI PLQG KLPVHOI ,W JRW PH WKLQNLQJ WKDW ZLVGRP LV PRVW OLNHO\ DQ HPHUJHQW UHODWLRQDO SURSHUW\ RI FXOWXUH LQ WKH PDQQHU RI 'DQ 6LHJHO¶V ODWHVW ERRN ³0LQGVLJKW´


'HFHPEHU

www.first-step-community.info

DERXW PRQH\ 0$77 +(51¶6 021(< *8,'(

0DNLQJ PRQH\ ZULWLQJ DERXW \RXU SDVVLRQ

:KDW¶V \RXU SDVVLRQ" 7LPH WR VWDUW VKDULQJ LW ZLWK SHRSOH YLD D EORJ" <RX¶OO GLVFRYHU RWKHU SHRSOH DV SDVVLRQDWH DV \RX OLYLQJ DOO RYHU WKH

'(& 3 0

5HODWHG SRVWV

ZRUOG )RU WKH QH[W VWHSV UHDG WKH DERYH UHVRXUFHV

(YHU VLQFH , ZDV LQ KLJK VFKRRO , KDYH VWULYHQ WR GLVFRYHU KRZ WR SXUVXH P\ SDVVLRQV DQG PDNH PRQH\ GRLQJ VR 7HFKQRORJLFDO DQG VRFLDO DGYDQFHV LQ WKH ODVW GHFDGH KDYH PDGH WKLV SRVVLEOH IRU XV DOO ZLWK YHU\ OLWWOH LQYHVWPHQW RI PRQH\ <RX MXVW VWDUW RXW LQYHVWLQJ \RXU WLPH ZKLFK LV ILQH EHFDXVH \RX ORYH VSHQGLQJ WLPH RQ \RXU SDVVLRQV

7U\ WR PDNH \RXU SDVVLRQ D EXVLQHVV 0RUH 0RQH\ 7R 3XUVXH <RXU 3DVVLRQV 7HQ %HVW 3DLG 3ROLWLFLDQV ± 9DOXH IRU 0RQH\"

7RGD\ , FDPH DFURVV WZR UHDOO\ XVHIXO DUWLFOHV DERXW GRLQJ WKLV *,+$1 3(5(5$ :K\ 1RZ LV WKH WLPH WR &DVK LQ RQ \RXU 3DVVLRQ

'LIIHUHQFHPDNHUV PDNH D GLIIHUHQFH

)LUVW , FDPH DFURVV D UHYLHZ E\ %RRN5DSSHU *HRII 0F'RQDOG RI WKH ERRN ³&UXVK ,W´ E\ *DU\ 9D\QHUFKXN &UXVK ,W LV DERXW ³:K\ 1RZ LV WKH WLPH WR &DVK LQ RQ \RXU 3DVVLRQ´ ,¶YH EHHQ D IDQ RI *HRII¶V %RRN5DSV IRU D FRXSOH RI \HDUV DQG WKLV UHYLHZ RI &UXVK ,W LV MXVW DV LQVLJKWIXO

'(& 3 0 7KLV LV D FRS\ RI D SRVW , PDGH RQ WKH 'LIIHUHQFHPDNHUV EORJ WRGD\

, UHFRPPHQG ZDWFKLQJ WKH YLGHR RI *DU\ 9D\QHUFKXN LQ *HRII¶V DUWLFOH 9D\QHUFKXN SDVVLRQDWHO\ H[SUHVVHV WKDW \RX VKRXOG SXUVXH \RXU SDVVLRQ DQG WKDW \RX VKRXOG EH DEOH WR PDNH PRQH\ GRLQJ VR ,Q WKH YLGHR 9D\QHUFKXN WDONV DERXW VWDUWLQJ D EORJ DERXW \RXU SDVVLRQ 7KHQ RQFH \RX EXLOG D FRPPXQLW\ RI UHJXODU UHDGHUV \RX FDQ VWDUW WR PRQHWLVH WKH WUDIILF

$ EXQFK RI SROLWLFLDQV DUH JDWKHULQJ LQ &RSHQKDJHQ WKLV ZHHN RVWHQVLEO\ WR VHW RXW D SODQ RI DFWLRQ IRU PDQDJLQJ DQG UHYHUVLQJ WKH HIIHFWV RI KXPDQ PDGH FOLPDWH FKDQJH 7KHUH¶V EHHQ D ORW RI WDON DQG VSLQ DERXW WKH &RSHQKDJHQ WDONV DQG LW¶V HDV\ WR JHW FDXJKW XS LQ WKH IHUYRXU ZLWKRXW VWRSSLQJ WR WKLQN DERXW ZKDW¶V UHDOO\ JRLQJ RQ

+RZ RQH $XVWUDOLDQ KDV PDGH PRQH\ EORJJLQJ 6HFRQGO\ , MXVW UHDG DQ DUWLFOH E\ SURIHVVLRQDO $XVWUDOLDQ EORJJHU 1HHUDY %KDWW LQ ZKLFK KH UHYHDOV KRZ KH PDNHV ORWV RI PRQH\ IURP EORJJLQJ +H PDNHV HQRXJK WKDW KH TXLW KLV IRUPHU VDODULHG UROH ZKLFK LV VRPHWKLQJ DOPRVW DOO RI P\ ILQDQFLDO SODQQLQJ FOLHQWV GUHDP RI GRLQJ $V %KDWW UHYHDOV KH ZULWHV DERXW KLV H[SHUWLVH KLV H[SHULHQFHV DQG KLV SDVVLRQV

6R OHW¶V VWRS DQG WKLQN )LUVW OHW¶V IRUHVWDOO RQH OLQH RI REMHFWLRQ DQG DVVXPH FOLPDWH FKDQJH LV D SUREOHP WKDW ZH KXPDQV FDXVHG LW DQG WKDW LW¶V JRLQJ WR WDNH D FRQFHUWHG LQWHUQDWLRQDO HIIRUW WR IL[ LW

,¶P VKDULQJ P\ SDVVLRQ ZLWK \RX ULJKW QRZ

$VVXPLQJ WKDW¶V WKH FDVH WKHQ LW LV DSSURSULDWH WR KDYH D JOREDO VXPPLW WR WDFNOH WKH LVVXH

7KLV VLWH LV PH ZULWLQJ DERXW P\ SDVVLRQ , ZDVQ¶W DOZD\V D ILQDQFLDO SODQQHU ± , VWDUWHG P\ ZRUNLQJ OLIH DV D SHWUROHXP HQJLQHHU IRU %+3 %LOOLWRQ 3HWUROHXP %XW DOO WKH WLPH , ZDV UHDGLQJ DQG OHDUQLQJ DERXW PDQDJLQJ DQG PDNLQJ PRQH\

7KH ILUVW TXHVWLRQ PXVW EH :KDW¶V RXU JRDO" -XVW IRU D PRPHQW OHW¶V SXW DVLGH WKH HFRQRPLF FRVWV WKH IHDVLELOLW\ DQG HVSHFLDOO\ WKH UKHWRULF $QG OHW¶V WXUQ WR WKH VLPSOH VFLHQWLILF VWDWHPHQW RI

:KHQ , HYHQWXDOO\ FKDQJHG FDUHHUV DQG VWDUWHG VWXG\LQJ ILQDQFLDO SODQQLQJ , FRQVWDQWO\ WKRXJKW ³ZK\ GLGQ¶W DQ\RQH WHOO PH WKLV DERXW PRQH\ DQG ZHDOWK FUHDWLRQ"´ , MXVW KDG WR WHOO HYHU\RQH , NQHZ $W WKH WLPH P\ RXWOHW ZDV GLQQHU SDUWLHV 1RZ , ZULWH DQG VSHDN

WKH SUREOHP 3UHVXPDEO\ LW¶V VRPHWKLQJ OLNH WKLV 7KH DWPRVSKHUH KDV FXUUHQWO\ ; SDUWV SHU PLOOLRQ RI FDUERQ GLR[LGH DQG WKDW¶V WRR KLJK :H QHHG WR UHGXFH LW WR < 7KH QH[W REYLRXV TXHVWLRQ DQG \HW RQH WKDW QRERG\ VHHPV WR EH DVNLQJ LV :KDW GR ZH QHHG WR GR WR IL[ LW"

, DP SDVVLRQDWH DERXW VKDULQJ WKH VLPSOH HDV\ WR XQGHUVWDQG WKLQJV DERXW PRQH\ WKDW KDYH D KLJK LPSDFW RQ \RXU OLIHVW\OH EXW DW DOVR DUH ORZ HIIRUW WR LPSOHPHQW ,Q WKDW ZD\ , GUHDP IRU XV DOO WR KDYH HQRXJK PRQH\ WR SXUVXH RXU SDVVLRQV 3OXV \RX¶OO KDYH PRUH WLPH WR SXUVXH \RXU SDVVLRQ EHFDXVH \RX¶OO EH VSHQGLQJ OHVV WLPH PDQDJLQJ DQG VWUHVVLQJ

,W¶V DOO YHU\ ZHOO IRU .HYLQ 5XGG 3HQQ\ :RQJ %DUDFN 2EDPD DQG RWKHU SROLWLFLDQV WR VSRXW KRW DLU DERXW ZKDW OHYHO RI FKDQJH WKH\¶UH JRLQJ WR FRPPLW WR %XW LI LW GRHVQ¶W IL[ WKH SUREOHP LW¶V D ZDVWH RI WLPH DQG


'HFHPEHU

www.first-step-community.info

UHVRXUFHV 6XUH LW VHUYHV WKHLU SXUSRVH WR SUHWHQG WR EH GRLQJ VRPHWKLQJ EXW LW GRHVQ¶W VHUYH WKH SODQHW¶V SXUSRVH

, ZLVK WKLV ZDVQ¶W WKH FDVH DQG ,¶G OLNH WR EH SURYHG ZURQJ %XW , VXVSHFW WKDW ,¶P ULJKW

1RW RQO\ ZRXOG WKDW EH D ZDVWH RI WLPH DQG UHVRXUFHV LW ZRXOG EH DQ XQFRQVFLRQDEOH ZDVWH RI WLPH DQG UHVRXUFHV

6R OHW¶V KROG WKHP WR WDVN ,I WKH\ GRQ¶W UHWXUQ ZLWK DW OHDVW D FOHDU SDWK RI DFWLRQ EDVHG RQ WKH VFLHQFH OHW¶V WUHDW WKHP ZLWK WKH FRQWHPSW WKH\

6RPH ZRXOG DUJXH WKDW VRPH DFWLRQ LV EHWWHU WKDQ QRQH RU WKDW ZH FDQ¶W DIIRUG WKH ULVN RI QRW WDNLQJ DFWLRQ WKH 3UHFDXWLRQDU\ 3ULQFLSOH %XW WKHVH DUH QRW YDOLG DUJXPHQWV 6XUH DOO RWKHU WKLQJV EHLQJ HTXDO WKHVH DUJXPHQWV KROG ZDWHU %XW DOO RWKHU WKLQJV DUHQ¶W HTXDO

GHVHUYH $QG KROG WKHP WR WDVN XQWLO WKH\ GR WKH ULJKW WKLQJ

0$77 +(51¶6 021(< *8,'( 7KHUH¶V D KXJH FRVW RI WDNLQJ DFWLRQ 3HRSOH SDUWLFXODUO\ WKH ZRUOG¶V SRRU VXIIHU MREV DUH ORVW ZKROH LQGXVWULHV VWUXJJOH DQG OLYHOLKRRGV DUH SXW DW ULVN

.LFN 6WDUW '(& $ 0

7KHUH¶V DOVR D KXJH FRVW RI GLYHUWLQJ DOO RXU DWWHQWLRQ DQG UHVRXUFHV WR WKLV RQH LVVXH WKDW PD\ RU PD\ QRW EH VROYDEOH DW WKH H[SHQVH RI RWKHU PRUH SUHVVLQJ LVVXHV 5LJKW QRZ SHRSOH DURXQG WKH ZRUOG DUH G\LQJ RI PDOQXWULWLRQ FXUDEOH GLVHDVHV ODFN RI FOHDQ GULQNLQJ ZDWHU DQG ZDU $QG LQVWHDG RI VDYLQJ WKHP ZH¶UH FKDVLQJ VRPH IDU RII VROXWLRQ WKDW PLJKW VDYH WKHLU JUHDW JUDQGFKLOGUHQ 6RPH ZRXOG VD\ WKLV LV D VPDOO SULFH WR SD\ WR VDYH WKH SODQHW EXW WKDW¶V P\ SRLQW 'RHV WKLV VDYH WKH SODQHW" 2U LV LW MXVW D EXQFK RI KRW DLU IURP SROLWLFLDQV ZKR FDUH PRUH DERXW WKHLU RZQ MREV WKDQ WKH SODQHW" 2XU HOHFWHG RIILFLDOV DOPRVW DOZD\V SURPLVH WR PDNH D GLIIHUHQFH 7KH\ KROG WKHPVHOYHV XS WR EH GLIIHUHQFHPDNHUV %XW ZKHQ WKH UXEEHU KLWV WKH URDG OHW¶V VHH ZKDW KDSSHQV 'LIIHUHQFHPDNHUV PDNH D GLIIHUHQFH 7KDW¶V WKH SRLQW $UH \RX DUH JRDO VHWWHU" 'R \RX OLNH WR EH SXUSRVHIXO DERXW WKH ZD\ \RX OLYH H[SHULHQFH DQG DFKLHYH"

$OUHDG\ ZH¶UH EHLQJ WROG WKDW WKH &RSHQKDJHQ VXPPLW ZRQ¶W HQG ZLWK DQ LQWHUQDWLRQDO WUHDW\ )DLU HQRXJK WKLV LV QRW VRPHWKLQJ WKDW FDQ EH KDPPHUHG RXW RYHU D IHZ FKDWV DQG FRFNWDLOV %XW ZKDW VKRXOG ZH H[SHFW IURP WKHVH VHOI SURFODLPHG GLIIHUHQFHPDNHUV"

,I VR WKHQ WKLV H ERRN LV EULPPLQJ ZLWK LGHDV WR KHOS \RX NLFN VWDUW WKH QHZ GHFDGH

:HOO WKH FRUUHFW FRXUVH RI DFWLRQ LV IRU WKH VXPPLW WR VD\ VRPHWKLQJ OLNH 0\ DUWLFOH ³+RZ 7R +DYH (QRXJK 0RQH\ )RU :KDW <RX :DQW´ LV RQ SDJH

+HUH¶V ZKDW ZH QHHG WR DFKLHYH LQ D VFLHQWLILF VHQVH IRU WKH FOLPDWH

0RVW WKLQJV LQ OLIH UHTXLUH PRQH\ WR VXSSRUW WKHP 0\ DUWLFOH VKDUHV D SURFHVV WR KHOS \RX KDYH HQRXJK PRQH\ IRU WKRVH WKLQJV LQ OLIH WKDW DUH PRVW LPSRUWDQW WR \RX 6R LI \RX DUH UHYLHZLQJ DQG VHWWLQJ QHZ JRDOV IRU P\ DUWLFOH LV RQ WKH PRQH\ DERXW WKH PRQH\ WR VXSSRUW \RX DFKLHYLQJ WKRVH JRDOV

+HUH¶V ZKDW HDFK QDWLRQ QHHGV WR GR WR SOD\ LWV SDUW +HUH DUH WKH VDFULILFHV \RX RUGLQDU\ FLWL]HQV QHHG WR PDNH +HUH¶V WKH FRXUVH RI DFWLRQ ZH¶YH SORWWHG

<RX FDQ EURZVH WKH HQWLUH ERRN EHORZ RU GRZQORDG D FRS\ WR \RXU FRPSXWHU

,V WKLV JRLQJ WR KDSSHQ" 3RVVLEO\ EXW YHU\ YHU\ XQOLNHO\ ,W¶V PRUH OLNHO\ WKDW 5XGG DQG :RQJ ZLOO UHWXUQ WR $XVWUDOLD ZLWK VRPH YDJXH VWDWHPHQWV DERXW LQWHUQDWLRQDO JRRGZLOO DQG FRRSHUDWLRQ

5HODWHG SRVWV 'HFLGLQJ ZKHQ WR VWDUW LQYHVWLQJ DJDLQ

$QG WKH\¶OO SXVK DKHDG ZLWK WKHLU (76 DV LI LW¶V D VROXWLRQ RU HYHQ SDUW RI D VROXWLRQ ,W¶V QRW 8QOHVV WKH\ GHPRQVWUDWH WKDW LW¶V JRLQJ WR KHOS VROYH WKH UHDO SUREOHP LW¶V MXVW D WD[ WKDW UHGLVWULEXWHV ZHDOWK $QG LW WDNHV RXU H\HV RII WKH UHDO KXPDQ VXIIHULQJ JRLQJ RQ DOO DURXQG XV WRGD\

:KHUH GR , VWDUW"


Regular Contributors Gihan Perera

www.gihanperera.info

Hugh Gyton

justaconversation-hugh.blogspot.com

Ian Berry

www.ianberry.au.com/ianberrysblog.html

Matt Church

www.thoughtleadersblog.com www.mattchurchblog.com

Glenn Capelli

glenncapelli.blogspot.com

Glenn Cardwell

glenn-glenncardwell.blogspot.com

Sharonne Phillips

sharonne-phillips.blogspot.com

Anne Riches

anneriches.blogspot.com

Matt Hern

financialfuturist.com

David Beard

lifelongfitness.net/blog

David Thomas

thinkglobalblog.blogspot.com

Ross Clennett

rossclennett.blogspot.com

Jenn Shallvey

feeds.feedburner.com/LetsGoThere

Peter Webb

www.peterwebb.com.au

Sue-maree McEnearney

hspotting.blogspot.com

Helen Macdonald

helenmacblog.blogspot.com

Steve Francis

www.stevefrancis.net.au

Ann Rolfe

mentoring-works.blogspot.com

Michael Harrison

www.michaelharrison.com.au

Gary Ryan

garyryansblog.blogspot.com

Vanessa Hall

thetruthabouttrust.blogspot.com

David Penglase

salessuccessforum.com.au

Neil Mattingley

neilmattingley.com


Issuu converts static files into: digital portfolios, online yearbooks, online catalogs, digital photo albums and more. Sign up and create your flipbook.